Just yesterday I explained that Congress was close to passing a bill that includes an amendment to extend and expand the home buyer tax credit. As of yesterday, that bill has passed and will be sent to President Obama for his signature.
Here is a quick summary of the changes:
When the President signs the bill, the expiration date for the credit will move to April 30, 2010. First-time buyers who have not owned a home for the last three years are still eligible, and the maximum amount remains the same – $8000 for married couples, $4000 for those filing separately.
Current home owners, who have consecutively maintained the home they want to sell as their primary residence for five of the last eight years, are also eligible. However, the maximum amount for those homeowners is lower: $6500 for married couples and $3200 for those filing separately.
The tax credit may not be used to purchase a home for more than $800,000. All buyers who want to get the credit must include documentation of the purchase on their tax returns. The income limits for both tax credits have been raised to $125,000 for single buyers and $225,000 for married couples.
This is a HUGE victory for consumers and the housing market!!!! So those of you wondering whether or not to sell your home, let’s get it on the market today!!!! And those of you that are still wondering whether or not this is a good time to buy… well, it just doesn’t get any better than this!!!! Call, email or text me today and let’s get started finding you a new home!!!!