Extended & Expanded Tax Credit

I'm sure most REALTORS®, lenders, and closing agents have seen an increase in activity as time for the tax credit for 2009 draws to a close. However, good news to the housing market and to buyers who missed the window is the fact that Congress and the president signed a bill extending and expanding the tax credit. News from the National Association of REALTORS®, yesterday:

"More people are now eligible to take advantage of the law, which includes a $6,500 tax credit for buyers who are current home owners and have lived in their home for five of the past eight years.

"Income limits for eligible home buyers were also expanded to $125,000 for single buyers and $225,000 for couples, up from $75,000 for individuals and $150,000 for couples. Qualifying home prices are capped at $800,000."

As I understand it, a contract has to be in effect by April 30, 2010, with closing prior to June 30.

First-time home-buyers have another chance to take advantage of the tax credit, and those needing to move up now get some benefit as well. Interest rates are still very low, so now is definitely the time to make a move!

I'm looking forward to helping many buyers in the coming months. I like to work with buyers!