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First Time Homebuyer Tax Credit – Update

Senate votes today to extend the first time homebuyer credit through April 30th, 2010.

Once the Senate votes, the House is expected to follow suit and then off to Obama’s desk for signature.

Here are the details of the new and improved credit:

1. The First Time Homebuyer Credit of $8,000 will be applicable through contracts in place by April 30, 2010. This allows for 60 days to close the transaction past this date.
2. In addition, repeat buyers — those who have lived in their previous home for 5 of the last 8 years — will qualify for a credit of $6,500 for purchases between December 1, 2009 and April 30, 2010.
3. Couples earning as much as $225,000 and individuals as much as $125,000 would qualify for the extension, an increase from $75,000 for individuals and $150,000 for couples.

Act quickly:

“The American people should understand this — and the affected industries — this is the last extension,” said Senator Johnny Isakson, a Georgia Republican who cosponsored the plan. “Tax credits like this only work by creating the sense of urgency to take advantage of them.” See the entire article.

http://www.bloomberg.com/apps/news?pid=20603037&sid=ai5ZNuz56Q4g

This entry was posted on Monday, November 2nd, 2009 at 11:23 am and is filed under Buying a Home, First Time Homebuyers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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