Monday, November 9, 2009
Home Buyer Tax Credit - Extension and Expansion Pass both Houses
Well, folks, we've seen it come to pass. On Friday, the first-time home buyer tax credit was extended and Congress has also expanded it to include certain current homeowners.
Here are the particulars:
1 - First-time home buyers will continue at $8000 tax credit. First-time home buyers are those who have never owned a home or have not owned one in the last three years.
2 - New tax credit of $6500 for "move-up" home buyers. Move-up home buyers are those who have owned a principal residence home for at least five consecutive years out of the last eight.
3 - Increase in income limits to $125,000 for single tax filers and $225,000 for joint tax filers.
4 - Limit on eligible homes has increased to $800,000.
5 - New time frame - a house has to be UNDER CONTRACT prior to April 30, 2010, but has to CLOSE no later than June 30, 2010.
6 - Anti-fraud measures were added to the bill.
It is expected that President Obama will sign the bill within the next few days.
Please give me a call to learn more about this exciting opportunity for you as a home buyer!
To work with a knowledgeable and experienced agent who knows the business and world of real estate, please give me a shout. You can reach me at 615-373-3513 x 3840 or through email: firstname.lastname@example.org. I'd love to help you with all of your real estate needs.