RSS
Home
Progress on homebuyer tax credit expansion and extension
Print
Email
RSS
Subscribe
Homebuying Book
The Senate passed legislation on Wednesday which expands and extends the homebuyer tax credit.
The legislation, included in a bill to extend unemployment benefits, is expected to be passed by the House by the end of this week. President Obama is anticipated to sign the bill when it reaches him.
The legislation now says that the first-time homebuyer tax credit of $8,000 will be available until May 1, 2010. Buyers must have their contracts signed by April 30, 2010 and close within 60 days after that.
Now repeat buyers are also allowed a $6,500 tax credit as long they have lived in their current home for 5 years of the past 8 years and are buying a permanent residence which costs less than $800,000.
Another change to the tax credit: income limits have been raised to $125,000 for individuals and to $225,000 for joint filers. Reduced credits are available for individuals with $125,000 to $145,000 incomes and for joint filers with $225,000 to $245,000 in income.
Watch this space for news of the House vote.
For more information about buying a home during tough economic times, buy my book, "HOMEBUYING: Tough Times, First Time, Any Time"
