Once it passed the Senate and the House there was really no doubt, but I am really excited about the new version of this bill. We have had a lot of first time home buyers that have been very excited to close on a house and be eligible an $8000 tax credit. We have had a few that were getting very worried because for one reason or another it didn't look like they would find a house and be able to close by the end of November.
Now they have until the end of April to get into a contract. It's not a lot of time to waste, but it's enough time to make wise decision. Plus now if someone wants new construction that is an option, since they have until the end of June to close.
I really like the part of the new bill that allows buyers that have owned a house to get a tax credit of up to $6500 if they buy a new home. I really don't know why that couldn't have applied to all owner-occupant buyers, but at least there is one other group eligible..
The income limits have now been increase also, from $75,000 to $125,000 for a single person and $250,000 for a married couple. One of my doctors is young and has never owned any real estate. He's renting right now, but he did not qualify under the old plan. Maybe he will qualify now.
For additional information I posted the information and changes on my website.
Comments (0)Subscribe to CommentsComment