Good News:
$8,000 Home Buyers Tax Credit Approved & Extended by Congress
This is a fabulous and savvy move by our congress. This home buyers tax extention will help consumers, realtors and help to stimulate our economy.
Congress has approved the $8,000 home buyers tax credit extension.This bill was unanimously passed by both houses.
This bill was set to expire at the end of this month. The Home Buyers extension date is now April 30, 2010. You must be entered into a contract by this time. Homes must be closed by June 30, 2010.
There is another new $6,500 Home Buyers tax credit incentive for existing property owners that want to sell their home and possibly buy another during the same period of time. You must have owned your current residence for 5 consecutive years to be eligible for this.
Here are a couple of the qualifying limits listed below:
Qualifying Income limits:
raised from $75,000 to $125,000 for single tax payers
raised from $150,000 to $225,000 for joint tax payers
The maximum allowable home purchase price is $800,000 to qualify for this home buyers credit.
Here is a link where you may find out more information on the Home Buyers Tax Credit: http://www.irs.gov/newsroom/article/0,,id=204671,00.html
It is a great time to buy a home. Interest rates are low. There are many homes to choose from, on the market. If you are interested in purchasing a new home, or selling an existing home, just give me a call. It would be "my pleasure" to help you!
Your Real Estate Connection
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