The Senate voted this evening to extend the first time home buyer tax credit of $8000 to April 30, 2010. And, the income limits are increased from the current $75K for individuals, $150K for couples to $125K for individuals, $250K for couples. Good news for first time home buyers, and good news for the real estate industry.
The expansion of the credit is to home owners who currently own their own home, and have been in the same home for at least 5 years. Those buyers will receive a $6500 tax credit.
This time around, however, the end date is not a race to the finish line, as the November 30 deadline was. The new April 30, 2010 deadline is the date by which one needs to be under contract. They then have 60 days, to the end of June, 2010, to close and still receive the tax credit.
So, good news for the housing industry. Now, let’s take advantage. No more excuses. Let’s go spread the word and move some homes!
Related posts:
