ViewFromTheFootHills.com

It’s Official! The First-Time Homebuyer Credit has been Extended.

On Thursday the Senate and the House both overwhelmingly approved the legislation to extend and enhance the Homebuyer Tax Credit. On Friday, President Obama signed it into law.

The down and dirty:

1. The First Time Homebuyer Credit of $8,000 will be applicable through contracts in place by April 30, 2010, and allows for 60 days beyond this date to close the transaction.
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 credit, an increase from $75,000 for individuals and $150,000 for couples.

I like this summary of the information from NAR: 

For more information, please contact me!

This entry was posted on Saturday, November 7th, 2009 at 3:25 pm 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.

Leave a Reply