Senate Democrats Agreed to Extend First-Time Home Buyer Tax Credit

Great News! Senate Democrats Agreed to to Extend First-Time Home Buyer Tax Credit. If you have paused your home search, get ready to go back out and look. The monetary cap is not as high but still very much worth the deal. For you home buyers who are ready to upgrade to your second home, now is the time because the buyers are going to still be enticed. Make sure you have your house priced right. There are still some great buys for “step up” buyers so have fun shopping.

“Senate Banking Committee Chairman Chris Dodd (D-Conn.) says Senate Democrats have agreed to extend the first-time home buyer tax credit. The latest version extends the program to home sales signed — not closed — by April 30. Purchasers would have another 60 days to close the sale. The credit will also be expanded to include so-called step-up buyers who have lived in their current home for at least five years.

“The credit would be cut nearly 10 percent to a $7,290 cap. Income eligibility for first-time home buyers would stay the same, but it would rise for step-up buyers to $125,000 for individuals and $250,000 for couples.”

Source: Bloomberg News, Dawn Kopecki and Ryan Donmoyer (10/27/2009)and Realtor.org

img_6135-450lPhoto Copyright 2007-2009, Amy S. Myers

Leave a Reply