Tax Credit Update

By
Mortgage and Lending with NFM Lending , Chad McShane, NMLS #342881 NMLS 342881

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.

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