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$8000 Tax Credit…To Be Continued???

There’s less than a month remaining to qualify for the first-time homebuyer $8000 repayment-free tax credit… or is there? If you missed the bandwagon the first time around, you may be in luck! A proposal being reviewed by the Senate could move the current November 30, 2009 closing deadline to as far up as the end of June for homes under contract by April 30, 2010 while also providing incentives for current homeowners to make a move. Under this bill, those who have owned a home for 5 years could be eligible for up to $6500 in tax credits.

A few stipulations would be in place regarding income and sale price. Singles filing taxable incomes over $125,000 and joint-filers with more than $225,000 would be ineligible, as would those purchasing homes over $800,000.
Whether you are searching for your first place or are in need of a change, now might just be the perfect time to buy! People looking to purchase a home and take advantage of either of these credits have a little time to make a decision, but shouldn’t put their purchase off too long, as this would likely be the last extension of the deadline.
A Senate vote is expected to take place this week. Tune in later for more details and the final verdict!

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Our agents write often to give you the latest insights on owning a home or property in the local area.