There is some exciting news on the efforts of the National Association of Realtors and National Association of Home Builders to secure an extension of the first-time homebuyer tax credit!  These two organizations have been lobbying relentlessly in Washington and footing the bill for advertising in prominent newspapers to get the word out.

This week, the Senate began its consideration of legislation to extend additional unemployment insurance benefits to unemployed Americans. Because of the hard lobbying work of NAHB, NAR and the help of allies in the Senate, proposals to extend and expand the homebuyer tax credit are included in that legislation. 

Here are some of the current specifics (these could always change before the legislation is voted on):

Extends the $8,000 tax credit until April 30, 2010, for first-time homebuyers;

Creates a new $6,500 tax credit for move-up buyers for the same period.

Both categories of homebuyers have an additional 60 days (June 30^th) to close on the home;

Both catagories have new, higher income limits of $125,000 for individuals and  $225,000 for couples; 

Move-up buyers must have been residing in their primary residence for 5 consecutive years out of the last 8 in order to qualify for the credit;

Homes over the purchase price of $800,000 do not qualify. 

PLEASE contact your U.S. Senators and Representatives and let them know how much this would help our economy!

Note that there is not only an extension of the $8,000 tax credit for first-time buyers, but ALSO a new tax credit of $6,500 for move-up buyers!  Woohoo!

Active Rain Members :  This is big!  Let your Senators and your Representatives know where you stand on this!

Thanks, everyone.