The House and Senate have both passed a bill that is set to expand and extend the original first time home buyer tax credit. The White House expects the President to sign the bill into law. The Associated Press reports the following details:
-Home buyers that have not owned a home in the past 3 years qualify for $8,000.
-Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500.
-To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.
-The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible.
-The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.
Paul Vranas
Vranas Properties
Trusted Agents. Professional Service.
Kudos to the government! Hope it will be signed and implemented soon! I guess the qualifications are just fair enough.
Posted by: Jim of Sun City | November 08, 2009 at 09:12 PM
This was WONDERFUL. HUGE thanks for the news. You made this a wonderful, but simple, blog. This is a great resource.
KUDOS!!!
Deirdre G
Posted by: homes for sale philippines | November 09, 2009 at 11:48 PM