DETAILS on the Homebuyer 8k Tax Credit EXTENSION and ADDITION of the 6.5k Credit for Current Homeowners

Now that both the Senate and House have passed the extension (and revisions) to the Hombuyer Credit (98-0 and 403-12, respectively, and President Obama has a public signing tomorrow morning) it's time to review the details:

• The $8000 first time homebuyer credit will extend to contracts SIGNED by April 30th and must close by June 30th, 2010. 
• The bill also creates a $6,500 credit for those who buy a home after living in their current house at least five years.
• The credit defines a first-time homebuyer as someone who has not owned a residence within the past three years.

• The credit would be available only for the purchase of principal residences priced at $800,000 or less. The bill would raise the adjusted gross income cap to $125,000 for single filers and $225,000 for joint filers. The amount of the credit currently begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.

This is GREAT news for anyone looking to buy or upgrade, particularly those interested in short sales or FHA rehab loans that may take an extended time period to close.  Please contact me with any questions, or view my website www.nicklibert.com to browse Chicagoland's FULL current inventory!