The House Passes the Homebuyer Tax Credit Extension

The House voted 403 to 12 Thursday afternoon to extend the $8,000 first-time homebuyer tax credit until April 30, 2010.

The legislation will also expand the tax credit to include home buyers who are buying their second or subsequent home.  The tax credit for existing or past homeowners will apply only to those who have owned and lived in their primary home for at least five of the last eight years.  The tax credit for these homebuyers will be capped at $6,500.

Income limits will be increased from the current limits of $75,000 for a single purchaser and $150,000 for couples to $125,000 for a single purchaser and $225,000 for couples.  Diminishing tax credits will be available for those who earn more.

The Senate has already voted on and passed the measure Wednesday evening. It's expected the president will sign the measure into law Friday morning.

   

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3 Comments on The House Passes the Homebuyer Tax Credit Extension

NOV
05
 Hooray!! Now let's go out and get them done (buyers)
3:38pm • #1
NOV
06
Outside Blog

Thanks for sharing Lewis.  Although controversial, I do believe this will continue the current pace of homebuying and purchase transactions benefit all of us.
1:05am • #2
NOV
09
177,770 Points Outside Blog

Paul - thanks for the upbeat!

Rick - I concur - however, as with any offer, we might see a drop off in home sales after the program expires. Of course, the key to the economic recovery will be putting people back to work. The housing market will not recover until that happens.
6:07am • #3

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Licensed by the Massachusetts Division of Banks Mortgage Broker # MB0782. WE ARRANGE BUT DO NOT MAKE LOANS. Lew Corcoran is a Licensed Professional, Massachusetts License MLO69200. Florida Mortgage Brokerage Business MBB 0501382. The content and information or data on this website is subject to change without notice. All loan programs are subject to credit approval. Not all loans or products are available in the states we are licensed in. Information on the website shall not be considered a commitment lend. Restrictions may apply. All loans are subject to credit qualifications and Lender approval.

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