November, 4 2009 10:15 AM

News on the homebuyer tax credit...the House of Representatives has approved legislation that would extend and expand the credit.  The House vote comes after the Senate voted yes on Monday night, and while there is more work to be done, word has it that an agreed upon bill should reach President Obama for his signature by the end of this week. 

Under the proposal, individuals with income up to $125,000 a year and couples earning up to $225,000 would be eligible for the credit.  The extension would cover homes under contract by April 30th and closed by June 30th, 2010.  And as we had also predicted, the tax credit will be expanded to non-first time homebuyers as well.  There are a few tweaks for non-first time homebuyers - the credit is reduced from $8000 to $6500, and they must have owned a home for at least five of the past eight years.  Remember - this is still NOT final, and even if it is approved, it could contain further changes.

Stay Tuned!

Per Christina Stratton, PMA

christina.m.stratton@PMAhomeloans.com  925 627 3025

As Christina has stated NOTHING IS FINAL until signed and there still could be changes.

By the way, Christina is an excellent loan officer , if in need for someone to assist with your home loans and financial planning!      http://localism.com/neighbor/cstratlend

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