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
Author:Jo Soss
Jo Soss is the designated Broker and the owner of Homefront Realty in Bremerton Washington. Selling real estate in the greater Puget Sound area since 1994 she has vast knowledge in all aspects of a real estate transaction. Using today's technology with her signature personal service allows her to achieve complete customer satisfaction.
Subscribe
Copyright © 2008 - 2012 Homefront Realty
Washington State Required Disclosures
"Equal Housing Opportunity"
;)
;)
;)
tick tock....