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Puyallup First Time Home Buyer Credit headed for extension

By
Industry Observer with NMLS ID: 40831

Today the Senate finally passed H.R. 3548, the bill extending unemployment benefits, and with it comes an Amendment extending the Tax Credit for First Time Home Buyers as well as an exception allowing for move up buyers to get their own credit.

In its current form the bill extends the $8,000 Tax Credit for First Time buyers as long as they are under contract before May 1, 2010, and close on the home before July 1, 2010.

The exception for move up buyers reads "In the case of an individual (and if married, such individual's spouse) who has owned and used the same residence as such individual's principal residence for any 5-consecutive-year period during the 8 year periodending on the date of the purchse of a subsequent principal residence, such individual shall be treated as a first-time homebuyer..."

The bill goes on to state that in that circumstance, that individual shall receive a $6,500 tax credit rather than the $8,000 for a true first time buyer.

The final vote by the Senate was 98 to 0 in favor, and the House is expected to make this bill a priority, possibly leading to a vote next week.  Let's hope this gets done quickly so we can all stop playing the "rumor game" when it comes to the extension of this credit.

Cynthia Tilghman, RealtorĀ® Onslow County NC Home Specialist
Kingsbridge Realty, Inc - Hubert, NC

Ron,
Looks like we are on the same page.

Nov 04, 2009 09:16 PM
Bob & Leilani Souza
Souza Realty 916.408.5500 - Roseville, CA
Greater Sacramento Area Homes, Land & Investments

Thanks for posting the details about this bill, Ron! I wasn't aware of the move-up buyers exception. :)

Leilani

Nov 10, 2009 05:08 PM