First Time Home Buyer Tax Credit Extension - 2010

Atlanta Home Search - Georgia Real Estate

B R E A K I N G   N E W S ! ! !

Moments ago, the House voted 403-12 to expand and extend the Homebuyer Tax Credit (as part of the Unemployment Insurance Bill).  The bill is now on its way to President Obama for his signature... so this is ALMOST a done deal!

The agreement on the extension and expansion of the credit is as follows:

• Credit available for purchases before May 1, 2010. Prospective purchasers with binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction. 
• Credit remains at $8,000 for first-time purchasers. No change to definition of first-time purchaser.  
• NEW $6,500 tax credit for REPEAT BUYERS who purchase between December 1, 2009 and May 1, 2010. Repeat buyers must have lived in their homes consecutively for 5 of the previous 8 years.  
• Income limits are expanded to $125,000 on a single return and $225,000 on a joint return. Current law $20,000 phase-out retained.  

     *New anti-fraud limitations will be imposed.  Stay tuned for more details.

    >>>  SEE ARTICLE ON CNN.com

If you, your friends, neighbors, co-workers or family are looking to buy a home soon, please let us know how we can help before the April 30 deadline.

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Posted by:  Kerry Lucasse - Atlanta GA Real Estate Agent - Atlanta Home Search Team
The ATL Home Search Team is part of Keller Williams Realty,
specializing in Intown Atlanta Real Estate, Condos, Lofts and Historic Homes

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