Extension of 1st time Buyers Tax credits.
The Senate and the House have both passed legislation containing an extension and expansion of the homebuyer tax credit, sending this bill to President Obama for him signature. OBAMA SIGNED THE BILL
The $8000 tax credit (10% or the purchase price with a maximum of $8000) was due to expire November 30 will be extended through April 30 and buyers will have until June 30, 2010 to close. Making the mad rush to close deal prior to the November 30 deadline go away.
The legislation passed the bill that first time homebuyers (or buyers that have not owned a home in the last 3 years) will increase the income limit for couples to $225,000 and single buyers to $125,000. The move in buyer who has lived in a home for 5 out of the last 8 years will also be eligible for a tax credit of up to $6500 but must remain in the new residence for at least 3 years. This legislation is suppose to take effect December 1 and will not be retroactive and is available for primary residences only.
This new legislative package will also contain an expansion of unemployment benefits as well.
Call if you have any questions relating to the FTB tax credit.
Call Valerie Belardo, ReMax Tri County, Res 609-298-4283
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