First Time Home Buyer Tax Credit Ends Soon

HOME BUYER TAX CREDIT PROPOSAL

Key Senate leaders agreed to extend a popular tax credit for first-time home buyers and to offer a reduced credit to some buyers who already own houses.

The tax credit provides up to $8,000 to first-time home buyers, but it is set to expire at the end of November.

Senators agreed to extend the existing tax credit for first-time home buyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years.

The home buyers' credit would be available to individuals earning up to $125,000, or $250,000 for couples, up from $75,000 for individuals and $150,000 for couples under the current law.

The tax credits would be available to home buyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes.

If the Senate passes the bill, it would go to the House. House leaders have hinted they would support extending the tax credit for home buyers.

Hi Judi:  Thanks for your support!  Have a great day.

We have unusually mild weather in Maryland. Dolores will be attending a Red Hat Society lunch meeting today.

We have another beautiful day in Maryland. It is a good time for outdoor activities. 

We have another beautiful day in Maryland. It is a good time for outdoor activities. 

We have a lovely afternoon in Maryland and Dolores is on the golf course at Montgomery Country Club. I hope you are having a very special day.