HUGE NEWS!!! The House today passed the Tax Credit Extension for 1st Time Homebuyers…. adding current homeowners. This comes on the heals of The Senate passing it last week.
The President is expected to sign by the end of this week. Here’s what I’m hearing on C-Span as I write this:
• 1st Time Homebuyers Tax Credit of $8000. extends to Contracts written by April 30, 2010 and you must close by June 30, 2010
• Current homeowners that have lived in their home for 5+ years and want to “move on”, will get a $6500 tax credit when they sell their current home and purchase their next home
• The income thresholds move from, individuals $75K to $150K and couples from $150K to $225K! That’s Gross Adjusted Income
Great news for homebuyers, Realtors, Lenders, and the Economy going into the Holidays and Winter!!!