Senate and House Extends Buyer Tax Credit
The Senate and the House has approved an extension of the $8000 tax credit for first-time homebuyers! The legislation also provides an additional $6,500 tax credit for individuals who have owned their home for 5 of the past 8 years when they purchase another property. The legislation extends through June of next year as long as a buyer enters into a binding contract before April 30, 2010. It raises the income ceiling for qualificaiton to $125,000 for individuals and $225,000 for couples.
Lawmakers have stressed that there will be no further extensions of this tax credit. If you are considering a move, this is definitely the time to take action -- low interest rates, reasonable home prices and a lovely tax credit!