Archive for November, 2009
Great News for Home buyers! $8,000 Buyer’s tax Credit Extended!
November 5th, 2009 categories: Real Estate news
Many of my buyers were disappointed knowing that the $8,000 first time buyers credit was getting close to expiration, and they haven’t bought a house yet. Well, no more regrets, all buyers, as the U.S. House of Representatives just voted 403 to 12 to extend the home buyer tax credit, expanding the parameters to include existing homeowners and not just first-time buyers. As you may know, C.A.R. and our partners at NAR have worked for months urging Congress and the Senate to extend and expand this crucial piece of legislation.
For instance, you can buy this beautifully 3 bedroom/2.5 baths totally remodeled home for only $209,000 (Address is 7200 Minuet Way, a great location and neighborhood in Citrus Heights) and receive your $8,000 credit! Great buy move-in ready!
As it now stands, the federal tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to be eligible for a tax credit of up to $8,000, while existing homeowners will be eligible for a reduced credit of up to $6,500. To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years. The bill also increases the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000 in both instances.
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