The Administration Backs the Latest Homebuyer Tax Credit Plan as The Boise Valley Cheers!

Well, we just got a little confirmation concerning the Homebuyer Tax Credit. Apparntly an endorsement by the Administration has just been announced to extend and expand the Homebuyer Tax Credit. If enacted it would entail the following:

• Allow current homeowners who buy a new home qualify for a $6,500 credit as long as they have lived at their current residence for 5 years.
• The income limit would increase from $75K to $125K for individuals and from $150K to $250 for couples.
• The expiration date would be extended from November 30th of this year to April 30th, 2010 with a 60 day allowance beyond that date to close the transaction.

This is excellent news for us here in The Boise Valley and should contribute significanly to any market recovery in the near future.