It will be official soon - Reuters is reporting that the $8,000 Tax Credit extension and expansion of a new $6500 credit for all buyers, has been approved by the House and now heads to President Obama to be signed into law.
On Wednesday, th
e Senate voted to extend and expand the tax credit to include many buyers who already own homes. Guess what, home buying pie just got a little sweeter, how about $6,500 sweeter! Today it was approved and off to the Oval Office where it is expected to be signed, sealed and delivered!
Here it is in a nut shell - I will continue to provide updated information as it becomes available....
People buying a new or "step-up/down" home and have owned their current homes at least five years would be eligible for tax credits of up to $6,500.
The First-time home buyers; which include anyone who hasn't owned a home in the last three years, can continue to get up to $8,000.
The details indicate that in order to qualify, buyers in both groups mentioned above, will be required to enter into the purchase agreement no later than April 30, 2010. The new law also states that the transaction MUST close on or before June 30.
It has been reported that nearly 1.4 million first-time home buyers have benefited from the tax credit. This number is from August, so the number sure to grow as many pushed to meet the now extended deadline. The NAR (National Association of Realtors) has estimated 350,000 of the buyers would not have purchased their homes without the credit.
I myself have enjoyed helping scores of new buyers over the course of the past several months and look forward to new activity that is sure to pop up as the result of this extension and expansion.
If you are not familiar with the details of the original tax credit, here are a few helpful links.
Top 21 Questions Answered on the $8,000 Tax Credit for 1st Time Home Buyers
Burning Question Answered! Is a Duplex or Multi-Family Dwelling Eligible for the New $8,000 First Time Home Buyer Tax Credit?
I will continue to provide updated information as it becomes available. Happy House Hunting......
Gwenn Tanvas is a Certified Mortgage Planning Specialists who specializes in Credit Restoration and Government Programs such as FHA, State and Federal VA and USDA Rural Housing Loans. Visit her website for more information, on-line calculators and a secure on-line application. She is able to assist with transaction throughout the state of Wisconsin. Her offices are located in Appleton, Oshkosh and Green Bay and offers the convenience of one-stop shopping. http://www.WisconsinLoanTips.com or http://www.MortgageProsOfWisconsin.com she can also be reached for comment or to answer questions via email at gwennt@centurytel.net
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So close, but yet so far. As REALTORS we'll all keep holding our breath on this signiture.
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