Tax Credit for Home Buyers Extended & Expanded: Obama To Sign Soon
11-5-09, I jumped the gun, but it did pass today and President Obama is expected to sign it into law as early as Friday, 11-6-09. Yay!!!
11-2-2009, I regret to report that my source for that legislation was
incorrect. I typically look for two sources, in that case one was
verbal and the other a news blog. I apologize for my error. The bill is still under review and in negotiation.
US News & World Report reports that the Tax Credit for 1st
moment home buyers has been extended and expanded! (Subject to President Obama’s
signature)
First date home buyers
will be eligible for the tax credit as towering sign a purchase contract by April
30, 2010 and close on the property before June 30, 2010.
The income ceiling for the tax credit has plus been
expanded. Before the extension, a without buyer’s income was capped at $75,000
and a married couple capped at $150,000. The expansion moves the income up to
$125,000 and $225,000 respectively.
You can still get the tax credit as enlarged as you purchase a
home costing more than
must plus live in the property for three years or the tax credit will have to
be repaid.
I guess the hot fudge on that Ice Cream Sundae is that you
can buy in 2010, but apply the rebate to your 2010 income tax return.
The cherry-on-top is that a tax credit of $6,500 is now
extended to move-up buyers; those homeowners who have lived in their current
residence for five years are additionally eligible for a tax rebate.
This will stimulate those who want to take advantage of the historically
low interest rates and housing stock to move their families into larger
homes.
Those move-up buyers who might have to take a hit on lower
value on their homes will get the benefit of $6,500 to ease the pain. Combine
that with some seller-paid closing costs and a great FHA loan and you could be sitting
in your family room next to the fire place in day for the Super Bowl!
Add an ice cream sundae bar to the party and you are living
the American Dream!
Orginal post by Mary Supinger
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