Extending the Tax Credit Wilmington NC

This is the latest I have on the extended tax credit for first time homebuyers. The House of Representatives has approved legislation that would extend and expand the credit. The House vote comes after the Senate voted yes on Monday night, and while there is more work to be done, word has it that an agreed upon bill should reach President Obama for his signature by the end of this week 11/6/09. Under the proposal, individuals with income up to $125,000 a year and couples earning up to $225,000 would be eligible for the credit. The extension would cover homes under contract by April 30th and closed by June 30th, 2010. The Tax credit will be expanded to non-first time homebuyers as well. There are a few tweaks for non-first time homebuyers – the credit is reduced from $8,000 to $6,500, and they must have owned a home for at least five of the past eight years.
Treasury Secretary Tim Geithner and HUD Secretary Shaun Donovan called on Congress to approve three important measures to improve housing and the housing market for Americans: extension of the First Time Homebuyers Tax Credit for a limited period, extension of higher loan limits for home mortgages, and secure funding for the Housing Trust Fund. “We welcome efforts taken by Congress to extend the First Time Homebuyers Tax Credit for a limited period. This credit has brought new families into the housing market and contributed to three consecutive months of rising home prices nationwide,” said Secretaries Geithner and Donovan.

Remember this is not final, and even if it is approved, it could contain further changes.

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Post by Nilesh Jethwa  Wilmington and Leland Real Estate