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Expanded Home Buyer Tax Credit is About to Become Law!

Expanded Home Buyer Tax Credit is About to Become Law!

The Senate has overwhelmingly passed an expanded home buyer tax credit, 98-0. Yesterday the House passed the new bill as well!

It now goes to the President, who has supported it and is expected to sign it into law.

The new tax credit bill does several things. First, it will preserve the tax credit for last-minute buyers who are having difficulty getting mortgage approval early enough for settlements before December 1, 2009.

Second, it extends the expiration of the $8,000 First Time Home Buyer Tax Credit for contracts on a principal residence written before May 1, 2010, with settlement taking place before July 1, 2010.

Third, the new bill expands to include a $6,500 tax credit to homeowners trading up who have lived in their homes for 5 out of the last 8 years!

Lancaster County PA first time home buyers who were afraid of missing the previous home buyer tax credit deadline can now relax a bit - and present home owners considering trading up can now get in on the action!

Brian Schulman offers expert real estate representation for buyers and sellers of homes in Lancaster County, PA. To learn more, visit http://www.FindLancasterHomes.com/

Posted by Brian Schulman - Your Lancaster County, PA Real Estate Professional on 11/06/2009 08:31 AM

Comments (7)

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Originally posted at: Lancaster County PA Realty Check: Expanded Home Buyer Tax Credit is About to Become Law!

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7 Comments on Expanded Home Buyer Tax Credit is About to Become Law!

NOV

I love reading a great post like this one. Thanks for making it RAIN!!!

This is really a plus for our industry. I know there are arguements to see it go, but in this environment its nice to have some perks to offer.

Jeremy, this is great news for the housing market!

Scott, there are arguments to be made for the cost, but our economy is so dependent on a housing market recovery, that this expanded bill is a good thing for everyone.

NOV

I saw that President Obama signed it over the weekend. I think it's great. Our paper has a great summary of everything that I'll have to do a blog post on for my service area.

NOV

Jim, this has the potential to boost sales during the normally slow holiday seson!

NOV

Brian hopefully this will make this winter and spring a very busy period.

NOV

Jennifer, I'm optimistic that many first time home buyers and home owners trading up will take advantage of this opportunity!

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