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$8,000 Tax Credit Extension and Expansion Coming!

According to various news reports, the Congress has reached a tentative agreement to extend and perhaps expand the $8,000 tax credit.

The details reported:

1. The $8,000 tax credit extension would cover first-time home buyers who sign a contract for a home by the end of April and close by the end of June.

2. Create a $6,500 tax credit for those who buy a home, but have owned a home for at least five consecutive years out of the past eight years.

3. The income limit would be raised to $125,000 a year for individuals and $225,000 for married couples.

All is contigent on the approval House and signed by the President.

For more information:

Senate Likely to Extend Tax Credit

Capitol Briefing -Senate Passes Bill to Extend Tax Credit

If you have been waiting or thought you had missed the boat -- it looks like you have a second chance.

Call me and let's get the ball rolling for your new home in Hubert, Swansboro, Jacksonville in Onslow County NC.

Cynthia Tilghman, Realtor, Onslow County Home Specialist 910 459 9189 Email Me

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Posted by Cynthia Tilghman, Realtor® Onslow County NC Home Specialist on 11/04/2009 07:05 PM

Comments (15)

Tax Credit for 1st Time Homebuyers in the ActiveRain Channel

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Originally posted at: Onslow County NC Homes Talk: $8,000 Tax Credit Extension and Expansion Coming!

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15 Comments on $8,000 Tax Credit Extension and Expansion Coming!

NOV

We will have to keep our fingers crossed that the senate will sign the bill.

I can't wait until a decision is made. Buyers in my area are waiting to see what happens. Thanks for the update. Kate

It's getting closer and as far as I can tell no one seems to be against it! Well...with the exception of those who seem to just say NO to everything!

Thanks Cynthia for this in depth look at the proposed bill. It sure will make for a very busy winter!

Good evening ma'am,

I am thinking that by Friday we will know for sure we have the extension when/if the President signs the bill after it passes the House.

With a 98 to 0 vote today in the Senate, it looks like this should breeze through the House as long as they bring it up for a vote.

Cynthia, I knew they were hopefully going to approve the extension. I didn't know about the other tax credit, I've never seen or heard about it. I hope we find out soon as well.

Cynthia, I had not been paying attention so thanks for sharing. I helped quite a few first time buyers who got the the tax credit this year.

Hi Cynthia, I think even though I had reservations about this extension, that it will help to spur a more active Winter and Spring market.

NOV

Thanks for posting this update, MY FINGERS ARE CROSSED!

Melissa,
I think it's going to happen and soon!

Kate,
In your area and many others, buyers are just waiting to see.

Cynthia: Looks like it will happen and I think we were all fairly sure they would extend and expand the bill. This is good news for first time homebuyers and they really should get themselves into a decent house. What a boost to helping them build wealth.