Best-Kept Secret About the First-Time Buyer Tax Credit Extension: Higher Income Limits

If you're a house hunter, by now you surely know that the 2009 First-Time Homebuyer Credit has been extended so that you can get the credit so long as you are in contract to buy your home before April 1st, 2010 and close escrow before July 1, 2010.

You've probably also heard that the credit has been expanded to offer a $6,500 credit to non-virgin homebuyers.

Many Oakland homebuyers think the tax credit headlines don't apply to them because those who make enough money to afford a home at all have income exceeding the credit's $75,000 (single)/ $150,000 (married filing jointly) income limits. What sounds like a super-high income in other parts of the country is really a moderate income here in the Best Place On Earth to Live. No, not Disneyland: the Bay Area.

Well, wake up, folks!  This credit's for you!

In addition to extending the deadline for the credit, the new law also expands the income limits - individuals can be eligible with adjusted gross income less than $125,000, and marrieds can earn a joint income less than $225,000 and still be eligible.

If you've worked hard to get (and keep) a career that earns you six figures, you're now also eligible for up to 8,000 reasons to stop waiting for the bottom, get off the fence and start enjoying your life A.D. (After Domicile).