Homebuyer Tax Credit Extended
November 11, 2009
* Here's the latest from Real Estate Economy Watch
* Also attached below is a Quick Reference Chart
CONGRESS PASSES HOMEBUYER TAX CREDIT
The House of Representatives voted overwhelmingly to pass legislation
containing an extension and expansion of the homebuyer tax credit,
completing Congressional action and sending the tax credit to President
Obama for his signature, possibly as early as tomorrow.
The $8,000 homebuyer tax credit for first-time buyers, due to expire in
19 days, will be extended through April 30 of next year and buyers will
have an additional two months, until the end of June, to close.
First-time buyers who are in process of making a purchase will no longer
need to worry about qualifying for the $8,000 credit if they close after
the November 30 deadline. The new legislation increases the income limit
for couples with income up to $225,000, a nearly $55,000 increase above
the level in existing law.
For the first time, the new legislation makes buyers who already own a
home eligible for a credit. A $6,500 maximum credit will be available
to existing homeowners who have lived in their current residence for
five of the prior eight years. The legislation limits eligibility for
the existing homeowner credit to homes worth $800,000 or less.
Read the full story at Real Estate Economy Watch
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