I am sure lots of area home-buyers have thought this was approved a couple of weeks ago, however the President just signed the Bill this afternoon. The original 1st time home-buyer credit was extended and there was a new provision inserted to allow for higher income and for home-buyers who would like to be move-up buyers to receive a credit of $6,500 with certain restrictions. This next week I will be posting more in-depth about this bill but wanted to give an update and some quick facts.
- Home-buyers must sign a contract before April 30 and close by June 30.
- Single buyers can now earn up to $125,000 and still get the full credit while a married couple can earn $225,000.
- First-time buyers -- those who have not owned a home in the past three years -- still qualify for an $8,000 rebate.
- Those who have owned and occupied a residence for at least five years out of the past eight can claim a $6,500 tax credit if they close on a purchase by the end of June.
There are several news articles you can read for more information
Comments (1)Subscribe to CommentsComment