Month: November 2009

Tax Credit Extension…Are You Eligible?

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 As you know, the tax credit has now been extended and now includes the opportunity to enable more buyers to take advantage of this government stimulus plan.     Below, is a brief summary of what is included in the plan.

  • The $8,000 tax credit for first-time buyers has been extended through April 30, 2010.   Time has been alotted to allow on settling on your new home.   Buyers must have a ratified contract by April 30, 2010, and will have until June  30, 2010 to settle.  

  • If you are a current homeowner and want to buy, you could also be eligible for a $6,500 tax credit through April 30, as long as you have lived in the home that you are selling as a principal residence for five consecutive years out of the last eight years.

   

  • Income limits for buyers who qualify were also increased.   ($125,000 for single buyers and $225,000 for couples)

First-Time Homebuyer Tax Credit will be Extended = Great News for Buyers and Sellers!

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Today, the House of Representatives voted 403-12 in favor of extendingthe first-time home-buyer tax credit.   It will be extended through April 30, 2010. Yesterday the Senate voted  98 to 0 in favor of the extension.  

It has been reported that President Obama  will sign the Dodd-Lieberman-Isakson amendment which includes the  bill’s extension   and expands the federal tax credit for first-time home-buyers. The amendment extends the tax credit through April 30, 2010.

The President  is planning on signing  the amendment as soon as tomorrow.  

I will have more information on this bill in the coming days.