First-Time Home Buyer

Hot off the presses: the Senate offered final approval last night, the House of Representatives chimed in this afternoon. Legislation passed containing an extension and expansion of the homebuyer tax credit. President Obama should sign by tomorrow (November 6).

If you have any interest in the new home market, helping people and the economy recover, or just plan have a pulse when it comes to real estate…help get the word out.  Details will be sparse for a day or two, but here are some early highlights:

• The legislation takes effect December 1 and is not retroactive.
• Only for primary residences, no second homes or investments.
• $8,000 homebuyer tax credit for first-time buyers will be extended through April 30, 2010.
• Buyers get an additional two months, until the end of June, to close.
• First-time buyers who are in the process of making a purchase will no longer need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline.
• The income limit for couples is now up to $225,000, nearly a $55,000 increase above the level in existing law.
• A $6,500 maximum credit is available to existing homeowners who have lived in their current home for five of the prior eight years.
• Tax credits good for the existing homeowner are on homes worth $800,000 or less.

Most report that the National Association of Home Builders was a big help. For up-to-date reports, visit:  firstnewhome.com or thenwhomecouncil.com

first-time-home-buyer Buyer, Credit, extended, First, homebuyer tax credit, Senate, Time