We did it! November 6th, 2009, President Obama signed the proposed extension on the First Time Home Buyers Tax Credit! The new Bill extends the $8000 tax credit for First Time Home Buyers AND is extending a $6500 tax credit to buyers who have owned their current home for at least 5 years.
The new bill allows for home buyers to claim the credit on any contracts written before April 30th, 2010 that close before June 30th, 2010.
Income limitations have been increased to $125,000 for single filers and $225,000 for joint filers. The purchase price of the home must be less than $800,000.
While the extension was controversial, and the estmated loss to the government in tax revenue is $10.8 billion, at the end of the day, Washington couldn't deny that the tax benefit was pushing qualified home buyers over the fence, and into a new home.
"The substantial rise in home sales we've seen over the past few months proves that the tax credit is working and is being used by buyers who were waiting for the right opportunity to get into the market," said NARPresident Charles McMillan, a broker with ColdwellBanker Residential Real Estate in Dallas-Fort Worth. "This important incentive is helping to stabilize the housing market, stimulate the economy and create new jobs in communities all across our great nation. Extending and expanding the home buyer tax credit will enable even more families to take advantage of current low interest rates and affordable prices to invest in their future through home ownership."
An estimated 1.4 million people took advantage of the tax credit in 2009, helping absorb tens of thousands of bank owned properties, and keep people working in the real estate industry in business!
For answers to frequently asked questions reguarding the First Time Home Buyers Tax Credit - Click Here
For answer to frequently asked questions reguarding the $6500 Tax Credit for Repeat Home Buyers - Click Here
Start Looking For Your Dream Home Now!
Posted by:
Jamie Bullock
The Burish and Serena Team
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