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!