Anticipating First Time Home Buyer's Credit will be Extended

Although no vote has occurred yet, there is optimism that an agreement will be made this week to expand and extend the first time home buyer’s credit.  However, there is optimism that it will be resolved this week.  Currently in the Senate, the provision would still have to be passed by the House. 

Below are the details of the new tax credit program.

• First-time homebuyers will continue at $8,000  – same definition as current law.
• Tax credit for “move up” purchasers will be up to $6500
  • Must have used previous home as a principal residence for 5 of the 8 previous years.
  • Income limits increased and are the same for first-time and “move up” purchasers : $125,000 for single filers/$225,000 for joint filers
  • Limitation on eligible home prices has been increased to $800,000
  • Time Frame:    December 1, 2009 to April 30, 2010 plus 60 day extension if binding contract is in place by April 30, 2010
  • Anti-fraud measures have been added

If you qualify for this incredible tax credit and have been thinking about buying a home, please give us a call. We would be honored to assist you in finding your dream home.