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Is a NEW First time home buyer and move up buyer tax credit ABOUT to be approved??

Looks like the NEW home buyer tax credit is ABOUT to be approved:

Here are the details directly from a contact in DC:

1) Sen Isakson, Dodd, Lieberman have agreed, and Senate Finance [Baucus and tax staff] have agreed to this credit extension and expansion:
2) For first time homebuyers, the income level to qualify is $ 75,000 single / $150,000 married
3) Move up buyers AND first time home buyers qualify
4) For move up buyers the income level to qualify is $125,000 single / $250,000 married
5) For move up buyers, they must have been residing in their primary residence for 5 years
6) The credit is 10% of the sales price, with a maximum of $ 7290.
7) The credit runs from Dec. 1, 2009 to April 30, 2010.
8) For legitimate sales contracts as of April 30, 2010 you have 60 days to close.
9) There is a waiver for military.
10) This will be added to the Unemployment Insurance bill. It will then go to the House.

Signs are that they House will accept this proposal. It could go to the President soon.

Stay tuned for details, but remember, as of this posting, IT IS NOT OFFICIAL

Posted by Joseph Metzler MMS UMB on 10/28/2009 01:07 PM

Comments (2)

Tax Credit for 1st Time Homebuyers in the Mortgage / Finance Channel

new first time home buyer tax credit move up new rules guidelines

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2 Comments on Is a NEW First time home buyer and move up buyer tax credit ABOUT to be approved??

OCT

Let us hope it make it this week. I have buyers that are waiting on hold for a new package.

Thanks for the update-I appreciate it. That is good news!

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