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More on the Tax Credit Extension

By
Mortgage and Lending with First Community Bank NMLS #405459

Good morning!  Just wanted to touch base with all of you about the extension of the tax credit for first time home buyers.

It seems that Senators have come to a decision to extend the tax credit for first time homebuyers through the end of April 2010!  This is great news!  Builders that are hurrying to get homes finished have a little breathing room now.  Also, it helps those people who were on the fence about buying a home to take advantage.

Also, Senators have decided that they will extend the tax credit to those who have owned a home for at least five years and want to purchase another primary residence.  The tax credit for this program will be $6,500 rather than the $8,000 allowed to first time home buyers.  The income limits for this program will be increased to $125,000 and $225,000 rather than the $75,000 and $150,000 for the first time homebuyers.  This is a great program to help stimulate the economy as well!  Families wanting to upgrade into a larger home can now do so!

I will keep you posted!

 

 

Comments(2)

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Mario Blautzik
TBA - Rockville, MD

It's still not a done deal.

Oct 29, 2009 03:37 AM
Jeff Boyer
First Community Bank - Helena, MT

True.  Thanks for the comment.

Oct 29, 2009 03:43 AM