Admin

The much anticipated housing tax credit

By
Real Estate Agent with Realty Austin

The much anticipated Housing tax credit was passed by the Senate last night by a unanimous vote of 98-0. The tax credit was passed as an amendment to the extension of unemployment benefits. The bill still needs to pass through the House and the President but both have already expressed their support and it is considered to be a formality at this point.

 

The bill extends the tax credit through April 30th to be under contract and allows an additional 60 days to close the transaction. Income limitations were revised to $125,000/year adjusted gross income for individuals and $225,000 for couples filing jointly. The tax credit remains at $8,000 for first time home buyers, meaning you haven't owned a "primary" residence for three years. The tax credit was expanded to include a $6,500 credit to move up buyers who have lived in their current primary residence for a minimum of five years and are purchasing a home for less than $800,000.

 

Combine tax credit with depressed housing prices, historically low interest rates and a large inventory of homes to choose from and this is an opportune time to purchase a home. Feel free to contact me if you have any questions or would like to begin you home search.

 

Posted by

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Mark and France Clausen, REALTORS®
Trident Realty Group ~ Stanberry & Associates

512-853-0846 

www.TridentRealtyGroup.com

Mark@TridentRealtyGroup.com

France@TridentRealtyGroup.com

We specialize in Southwest Austin and Dripping Springs TX Real Estate and the surrounding areas.  We are dedicated to obtaining serious results for our clients. 

 

 

Show All Comments Sort:
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Hope many Dripping Springs buyers take advantage of the tax credit!!

Nov 13, 2009 11:11 AM