Real Estate News For Woodbridge VA, Congress Extends $8,000 First Time Homebuyer Tax Credit And
Adds New $6,500 Tax Credit For Move-Up Homebuyers
Legislation Gives A Homebuyer Tax Credit Up To $6,500 To Move-Up Homebuyers In Time For Christmas
First Time Homebuyer $8,000 Tax Credit Extended To April 30,2010
Homebuyer Credits For Military Deployed Outside US Now Through April 2010 Qualify To Get Tax Credits Through April 2011
Move-up homebuyers around the Woodbridge area got an early Christmas present from Congress today in the form of a $6,500 tax credit that was added to the extension of the $8,000 first time homebuyer tax credit, through April, 2010.
The House action follows the Senate's approval on Wednesday and we anticipate President Obama will sign the bill in very short order.
The bill extends the current $8,000 first time homebuyer tax credit (which was due to expire at the end of November) through April, 2010.
But wait... the story gets better.
Move-up buyers will, for the first time, also get a move-up homebuyer tax credit up to $6,500.
Congress added a tax credit for move-up buyers, up to $6,500 for qualified buyers.
Move-up buyers were given a homebuyer tax credit under the previous bill.
The new tax credit of up to $6,500 for qualified move up buyers, and the $8,000 tax credit for first time homebuyers also come with higher borrower income limits, so more homebuyers will qualify to participate.
The bill increases the borrower income limits for both credits up to $125,000 for individuals, and $225,000 for couples.
Homebuyers will qualify for the full credit as long as they have entered a binding contract by April 30, 2010 and, they close the transaction by June 30, 2009.
The tax credit is limited to homes with a purchase price of $800,000 and below. The bill also includes anti-fraud language that gives the IRS the authority to do greater oversight during the processing of the return.
Members of our military and uniformed services, who are out of the country for at least 90 days between now and April 2010 won't be left out in the cold.
Folks in the military who are deployed outside the country past the April 30 sunset date will qualify to use the tax credit upon their return, through April 30, 2011.
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