Some of our realtors and associates may have already heard the news...but to any of you who have not...here is the latest information that we have just received from one of our lender affiliates.

He says that Congress has just approved an extension of the first-time home buyer's tax credit, sending the bill to the White House for President Barack Obama's signature.  He's expected to sign the measure as early as tomorrow.
 
The House voted 403-12 to pass the bill after the Senate unanimously approved the measure last night.
 
The bill extends the $8,000 first-time home buyers' tax credit that was set to expire at the end of this month.  The credit will apply to all house contracts entered into before April 30, 2010 and closed by June 30, 2010.
 
It also creates a NEW $6,500 credit for existing property owners looking to sell their home and buy another during the same period of time.  This is available to those who have been in their current residence for a consecutive five-year period.
 
The new rule also raises the qualifying income limits to $125,000 for single taxpayers and $225,000 for joint taxpayers, from the current $75,000 and $150,000.  The maximum allowed home purchase price is $800,000.
 
Military personnel, deployed overseas for a minimum of 90 days in 2008 or 2009, would have until April 30, 2011 to claim the tax credit."

Let me know if you have any questions regarding this information. I hope all buyers and sellers everywhere will benefit by this in some form or fashion.

Have a great night! :o)
Angela Lawrence  (336) 909-2638