It looks like good news for home buyers. The $8,000 First Time Home Buyer Tax Credit EXTENSION has received Senate and President Obama informal approval over the last couple of days. Although the signatures to seal the deal appear all but certain it still has yet to be passed. This week Senators struck an agreement to not only push back the measure's deadline but to expand; allowing current homeowners and other buyers to claim the tax credit as well. A provision for a $6,500 tax break for homebuyers who have lived in their prior residences for at least five years may be added. Income limits for couples and individuals to qualify for the tax credits will also likely be increased, opening up the door for even more people to take advantage of the tax break(s). The plan calls for an extension of the credit until April and that buyer(s) must have a sales contract on a house by April 30, 2010 to be eligible yet gives them an additional 60 days to actually close on the property. We’ll keep you posted when it becomes official…and until then…keep looking for your new dream home!
1 comment:
This is great news for real estate market and for home seekers. I also liked the amendments done with in the policy. Besides first time homebuyers, others can also avail the tax credit benefits on certain terms and conditions. This is quite relaxing for the business, i believe.
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