Thursday, November 5, 2009

First Time Home Buyers Tax Credit Extension just needs the Presidents Signature

This is really exciting for my buyer that is so close to the wire about getting the tax credit. We have been sweating bullet's trying to make sure all inspections. water samples, septic, etc. and the banks getting it done with all there new regulations.

WASHINGTON- Missed out on Cash for Clunkers? Congress has another deal for you: Buy a home before May 1 and collect up to $6,500 from the government. If you're a first-time home buyer, get up to $8,000.

Aspart of the government's efforts to encourage people to spend money to help revive the economy, the House voted 403-12 Thursday to expand a popular tax credit for home buyers. The bill, which also extends unemployment benefits and expands a tax break for money-losing businesses, now goes to President Barack Obama, who plans to sign it Friday.

First-timehome buyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package. But with that housing program scheduled to expire at the end of November, the House voted to extend it into the spring - and to expand it to many people who already own homes.

Buyerswho have owned their current homes at least five years would be eligible, subject to income limits, for tax credits of up to $6,500. First-time home buyers - or people who haven't owned homes in the previous three years - could get up to $8,000. To qualify, buyers have to sign purchase agreements before May 1 and close before July 1.

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Posted via web from jaykaiser's posterous

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