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More on the Homebuyer Tax Credit

taxcredit

From Banker and Tradesman:

Buying a home is about to get cheaper for a whole new crop of homebuyers — $6,500 cheaper.

First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the Senate voted yesterday to extend and expand the tax credit to include many buyers who already own homes. The House could vote on the bill as early as today.

Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn’t owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.

Source: Banker & Tradesman

6 Responses to More on the Homebuyer Tax Credit

  • I have an offer out on a place right now and a projected closing in Dec. I didn’t qualify for the old credit due to income limits, but would qualify for the new one. Does the timing on this work, or would I need to have the offer in after Dec 1?

    Nemo

  • The final bill hasn’t been approved yet, so I’m not sure. Perhaps later today I’ll have an answer for you.

  • Has there been any change in the income limits?? I thought they just expanded to include homeowners who were looking to purchase…

  • Condobuyer, the last I heard there will be income limits. I’ll keep you posted once I obtain more info.

  • There will be income limits. Count on it.

  • I know there will be income limits but was curious if they were going to change the original limits. I just checked and they are increasing the limits to 125K for an individual or 225K for married. The credit will also only be available for purchases 800K and below.

    Frankly, I think some of these limits should be different based on where you buy. In a Texan suburb you’ll get a mansion for 700K and in Manhattan you’ll be lucky with 900 sqft…

    Anyway, this is how it will be if it passes…