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IT PASSED! First Time Homebuyer Tax Credit Extended.$6500 Refund for New Primary Residence

united states senate The Senate voted to 98-0 to extend the First Time Homebuyers Credit to April of 2010. It should be sent to the House for a vote sometime today. First Time Homebuyers will need to have a contract in place by the last day of April with a close by the last day of June to qualify.

In addition on this bill they have added $6500 refund for homeowners who will be buying a new homestead property. If the buyer has owned a primary residence for 5 consecutive years out of the last 8, they will qualify with some stipulations. The purchase price of the home can not be more then $800,000 and their income can not be more then $125,000 for an individual or $225,000 for a couple.

A homebuyer will also be able to claim the credit on their 2009 income tax even if they do not close until 2010.

So now we just sit back and wait to see if it passes the next stage.

Well now we know. President Obama did sign the bill so we are on our way. Call your favorite realtor or lender and find out how this can work for you.

Posted by Amy Boehm on 11/05/2009 11:10 AM

Comments (7)

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7 Comments on IT PASSED! First Time Homebuyer Tax Credit Extended.$6500 Refund for New Primary Residence

NOV

This is great news! Thanks for posting.

Thanks for the info-I am still confused tho on the $6500 for homeowners.

Pam hopefully when it makes it through the house and off the President's desk we will all have a clearer understanding. Right now it sounds to me like if you owned your own home for 5 consecutive years out of the last 8, and decide to move making the new home your homestead you are elgible for the $6500 refund. Of course following all the stipulations on price and income.

The basics sounds good, let's see if it gets signed, sealed and delivered, it certainly will help get things moving.

Howdy there Amy

Sure do hope it go all the way through all the steps, That the bill has to still go. There are still alot of home buyers out there that can use the help of it.

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NOV

I have ownede a house for 5 of the 8 last years and have had a contract signed in October but the closing is not until Nov 12 so I am qualified, right? Even tho the contract was in November, Obama signed it November 6 and I have not completely sold it until after the closing whish is after the Nov 6 signing. Also, I owned the house on my own for the last 4 years but the one year before that I owned it wieh my ex-hysband. Even tho he owned 1/2 of it I did as well so am I qualifying. Please answer asap

NOV

Di, the best thing for you to do at this time is to contact your lender and ask if you will still qualify. I will keep my fingers crossed for you. Amy

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