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Thursday, October 29, 2009

Homebuyer Tax Credit Extension All But A Done Deal - Waiting For Final Vote

The US Senate announced today the terms of the extension of the FTHB Tax credit...only now it's just called the Homebuyer Tax Credit. Details below:

• First-time homebuyers will continue at $8,000 -- same definition as current law.

• Tax credit for “move up” purchasers will be up to $6500. Homeowner must have used previous home as a principal residence for 5 of the 8 previous years.

• Income limits increased and are the same for first-time and “move up” purchasers: $125,000 for single filers/$225,000 for joint filers

• Limitation on eligible home prices has been increased to $800,000

• Time Frame: December 1, 2009 to April 30, 2010 plus 60 day extension if binding contract is in place by April 30, 2010

• Anti-fraud measures have been added

This is great news for our industry going into the holidays and I am glad there will be anti-fraud measures. I will update you when those details are set and available.

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