Tax Credit Update

Homebuyer Tax Credit Plan Agreed to by U.S. Senate Democrats!

 

If it passes, the proposal would:

 1)    Let homeowners qualify for a $6,500 credit if they have lived in their residence for five years - i.e. they don't have to be first-time home buyers anymore.  

 2)    The income limits will go up (if it passes) 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.

 3)    The plan would extend the credit, due to expire Nov. 30, to home purchases under contract by April 30, 2010, with borrowers allowed another 60 days to close the sale.

As more info becomes available, I will report updates