I am sure that most of you have been monitoring the status of the "Homebuyer Tax Credit" in Maryland, but if you haven't, this is what we know:
Homebuyer Tax Credit for Maryland Home Buyers has not only been extended, but it has also been expanded to include current homeowners in Baltimore City. The following are features of the new bill:
• Deadline for current credit is November 30, 2009.
• Deadline for new and improved credit is April 30, 2010, as long as the home in Maryland, Baltimore, Harford County and surrounding counties are under contract by that date; deal must close within 60 days.
• Eligibility and amount of new credit: - $8,000 for first-time homebuyers in Maryland (those who have not owned a home in Maryland in the last three years). - Up to $6,500 credit for homeowners who have lived in the home they are selling, or have sold, as a principal residence for five consecutive years in the past eight.
• Buyers in Maryland with income exceeding $125,000 for single and $225,000 for married couples are not eligible.
• Homes in Maryland valued at more than $800,000 are also ineligible.
This is exciting news for first time and current homeowners that are looking to purchase a property in Baltimore, Harford County and Surrounding Counties in Maryland.
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