House Passes Extended Homebuyers Credit – First Timers and Existing Homeowners Eligible!
First-time homebuyers are currently eligible for Federal tax credits capping at $8,000, and have been since January. That credit was set to expire at the end of this month.
This just in:
Today the House voted 403-12 to extend and expand this tax credit to include existing homeowners who are looking to move. The Senate already approved the measure yesterday. The White House has stated that President Obama will sign the extension tomorrow (Friday).
Buyers who have owned their homes for at least 5 years will be eligible for Federal tax credits of up to $6,500.
First-time homebuyers (including anyone who hasn’t owned a home in the last 3 years) will get up to $8,000, equal to the current tax credit.
To get the tax credit, buyers must sign a purchase agreement by April 30, 2010, with a settlement (closing) by June 30, 2010.
Now that is some great news we can all use!
There are some limitations. The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.