As November 30th approaches many have wondered will lawmakers extend the tax credit to first time home buyers. It looks like we are getting close! Although a final deal has not been reached, there are encouraging signs that a deal is likley.
The proposed deal (which is still subject to change) would extend the tax credit until April 30,2010 and also expand it to “move up” borrowers (yeah!).
Details of the revised homebuyer credit are as follows:
- Credit would be 10% of sales price up to $7290
- For first time homebuyers, the income level to qualify is $ 75,000 single/150,000 married.
- For “move up” buyers the income level to qualify is $ 125,000 single/250,000 married.
- For “move up” buyers, they must have been residing in their primary residence for 5 years.
- The credit would run from Dec. 1, 2009 to April 30, 2010.
Bonus Bonus!! They are talking about adding to the proposed plan that all sales contracts signed as of April 30, 2010 would have 60 days to close.
Although this is all real exciting news until it's signed into law, it is all subject to change.
Make it a great day!
