While most know the general parameters of the current first time home buyer tax credit that is set to expire this November 30th, not every one is aware of what is in the works.
According to reliable sources the bill which will be voted on in less than a week has the following provisions for home buyers:
First time home buyers will be eligible for up to $8K if there is contract on or before April 30, 2010.
The annual income limits have been adjusted upward to $125K for single buyers and $225K for married couples.
Plus, the new agreement would allow current homeowners to claim up to $6500 as long as the property they are leaving has been their primary residence for at least five years.
The White House administration is in favor of the above, appears to have broad bipartisan support and may be passed by week's end. When the bill passes I will post a blog to let you know the final outcome.
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