All week updates and blog posts have been appeariing about the pending legislation to extend and expand the Home Buyer Credit until April 30, 2010. While we knew it had passed the House and the Senate, the final peice was knowing the bill was signed by President Obama. One would think this is an easy thing to find out. With NAR sending announcements (along with many other sources), I still wanted verification before I posted the features and comparisons of the new bill (below). I tweeted a question to @BarackObama as the current tweets were all about the Health Care Bill being passed by the House. Today, I finally received several e-mails saying it was signed but still without an official date.
According to the White House website, the bill was signed November 6, 2009. Below are the details and comparisons to the First Time Home Buyer credit (taken from NAR) that was to expire November 30, 2009. The great thing about the new bill is that it now includes buyers who currently own a home and are looking to buy another. Why is the date the bill was signed so important? After reading the fequently asked questions, the bill doesn't begin where the old one left off and start December 1, 2009 - it begins the day the bill was signed. If a current home owner is closing on November 7, they are eligible for the $6,500 credit (if they meet the criteria). Also, with the increased income limits, anyone who did not qualify will immediately be eligible if income is now within $125,000 (single) and $225,000 (joint). To view the 'Frequently Asked Questions on the NAR site, there is a PDF of the chart below and the FAQ under the "NAR Tax Credit Resources" on the purple tab, lower right.
One additional provision I found on the White House news release for the extended Home Buyer Credit is: "The new law extends a similar credit until May, 2011 for members of the uniformed services whose duty takes them overseas."
Looking to take advantage of the extended & expanded Home Buyer Credit and search for homes, click here.
RE/MAX Realtor selling Oakland County Real Estate & Wayne County Real Estate. TishHouse sells Houses - selling Real Estate in Southeastern Michigan with RE/MAX Showcase Homes in Birmingham, Michigan. See what my clients have to say about my extraordinary customer service. Follow me on Twitter.