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$8000 Home Buyers Tax Credit Extended by Congress

Good News:

$8,000 Home Buyers Tax Credit Approved & Extended by Congress

This is a fabulous and savvy move by our congress. This home buyers tax extention will help consumers, realtors and help to stimulate our economy.

Congress has approved the $8,000 home buyers tax credit extension.This bill was unanimously passed by both houses.

This bill was set to expire at the end of this month. The Home Buyers extension date is now April 30, 2010. You must be entered into a contract by this time. Homes must be closed by June 30, 2010.

There is another new $6,500 Home Buyers tax credit incentive for existing property owners that want to sell their home and possibly buy another during the same period of time. You must have owned your current residence for 5 consecutive years to be eligible for this.

Here are a couple of the qualifying limits listed below:

Qualifying Income limits:
raised from $75,000 to $125,000 for single tax payers
raised from $150,000 to $225,000 for joint tax payers

The maximum allowable home purchase price is $800,000 to qualify for this home buyers credit.

Here is a link where you may find out more information on the Home Buyers Tax Credit: http://www.irs.gov/newsroom/article/0,,id=204671,00.html

It is a great time to buy a home. Interest rates are low. There are many homes to choose from, on the market. If you are interested in purchasing a new home, or selling an existing home, just give me a call. It would be "my pleasure" to help you!

Your Real Estate Connection

Posted by Ginger Moore on 11/06/2009 06:09 PM

Comments (19)

8.000 Tax Credit Extended in the Home Buying Channel

8, 000 home buyers tax credit extended

This post has been included in North Carolina Information Gaston County, NC Information

19 Comments on $8000 Home Buyers Tax Credit Extended by Congress

NOV

Hi Ginger! We're on the same wavelength! This is great news for home buyers and our economy alike. Hopefully this'll get us up and running again without any further stimulus needed.

Ginger - great updated information for new homebuyers!

Hi Debe, I read your article... Very Nice!!! I love all the color and the pictures you put in:) and thanks for stopping by!!

Hi Barbara Jo, Thanks for stopping by also! I just commented on your gorgeous home you have for sale.. Wishing you a speedy sale!

NOV

Great news for the real estate industry in my opinion. By the time the extension expires next year, hopefully the economy will be blossoming again.

NOV

Hi Jim, Yes, I think you are absolutely right. I think this will be the right catalyst to stimulate the real estate industry; thus helping to get the economy going again. thanks for stopping by!

NOV

I'm amazed that I have not heard the folks on TV touting this. It's a pretty quiet major happening for home buyers.

Finally. I had many customers trying to rush their purchase because they werent sure it would be extended. None of us knew, but now thats its official, they have some breathing room.

Hi Judi, Yes, I have not heard much on tv about it either; but you can go to the website, listed above, and read all about it. It's a great thing for consumer, and realtors! thanks for stopping by!

Hi John, Well now your customers can relax a bit. They have plenty of time. I do believe it is now official:) Thanks for stopping by!

NOV

The extension - actually expansion to exisiting homeowners - is particular good news for one of my customers who is going through a divorce. Since as a couple they own a home together, she was not eligible for the tax credit before but now she may well be eligible for the $6,500.

NOV

Hi Silvia, I am very glad that this extention helped your client! That is marvelous! Thanks for sharing, and dropping by!

NOV

Thanks for putting it out there in a nice and simple format. I think I will reblog this and save myself a little time. Aloha!

Hi Georgina, Yes that would be great! I would feel honored for you to "re blog my blog"! Look forward to reading your blog..Aloha!

NOV

Ginger...many more people should qualify for the program now. Let's hoope is kick starts the others.

NOV

Hi Ginger,

We're in a second home market that is a bit pricey for first time homebuyers, so the extension of the tax credit will help some of our local workers get in to a home. It will be interesting to see how the $6500 tax credit for move-up buyers will affect us, too.

Thanks for boiling down the tax credit into an understandable format!

Ginger - I'm seeing a little more activity at the higher price ranges since the tax credit program was expanded. Are you seeing a difference in your market area?