Status of First Time Homebuyers Tax Credit

By
Real Estate Agent with Keller Williams Realty New Orleans

Status of Tax Credit:  Getting Closer  

 

While a final deal was not reached, there were encouraging signs that a deal is very likely.  It is more a question of "when" than "if".

 

The proposed deal (which is still subject to change) would extend the tax credit until April 30,2010 and also expand it to "move up" borrowers.  

 

Details of the revised homebuyer credit reportedly are as follows:

  • Credit is changed to 10% of sales price up to $7290
  • For first time homebuyers, the income level to qualify is $ 75,000/150,000.
  • For "move up" buyers the income level to qualify is $ 125,000/250,000.
  • For "move up" buyers, they must have been residing in their primary residence for 5 years.
  • The credit runs from Dec. 1, 2009 to April 30, 2010.

Sales contracts signed as of April 30, 2010 would have 60 days to close.

For more information, please call me at 504-382-3724.  ~Alicia

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Location:
Louisiana Orleans Parish New Orleans
Groups:
Blogging & SEO
Tags:
tax incentives
first time homebuyers tax credit
8000 tax credit

Spam prevention
Show All Comments
Rainer
62,295
Alix Pinzon
Open Mortgage, LLC NMLS # 2975 - Downey, CA
(562)743-6086

No, they're over spending.  It's not fair to help only those who are buying a house.  How about the poor, the homeless, and those who're still paying their mortgage.

Oct 28, 2009 04:12 AM #1
Rainmaker
223,539
Brian Brumpton
Keller Williams Boise - Boise, ID
Boise Idaho Real Estate

Alicia,

This would definitely help get things moving in other segments of the market.

 

Oct 28, 2009 04:12 AM #2
Rainmaker
1,282,998
Edward & Celia Maddox
The Celtic Connection Realty - Queen Creek, AZ
EXPERIENCE & INTEGRITY - WE TAKE THE HIGH ROAD

While I like spuring the drpsessed economy, I think people would buy anyway with low prices and I begrude paying their $8K out of my pocket of taxes.

Oct 28, 2009 04:14 AM #3
Rainer
75,709
Joel Prince
The Principle Group, Inc - Hixson, TN
Hixson/Soddy Real Estate Broker

Alicia -

No matter what the opinion on the tax credit, this is a good post.  Five bullets.  Easy to read on a busy day like mine.  Thank you.

Oct 28, 2009 04:31 AM #4
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
8,743

Alicia Lagarde-Craig

Realtor, New Orleans, LA
Ask me a question
*
*
*
*