Homebuyer Tax Credit Extension and Expansion into 2010!

Homebuyer Tax Credit has not only been extended, but it has also been expanded to include current homeowners. The Senate and House of Representatives approved the bill and the President should sign the bill into law as soon as Friday, November 6, 2009. The following are features of the new bill:

• Deadline for current credit is November 30, 2009.
• Deadline for new and improved credit is April 30, 2010, as long as the home is under contract by that date; deal must close within 60 days.
• Eligibility and amount of new credit:
• $8,000 for first-time homebuyers (those who have not owned a home in the last three years).
• Up to $6,500 credit for homeowners who have lived in the home they are selling, or have sold, as a principal residence for five consecutive years in the past eight.
• Buyers with income exceeding $125,000 for single and $225,000 for married couples are not eligible.
• Homes valued at more than $800,000 are also ineligible.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aYnkx.7jfyXE&pos=8

For all your purchase and refinance needs, feel free to contact me at 410-248-1762 or bob.lowery@prosperitymortgage.com. I am available seven days a week.

Confidential applications can also be completed on our secure website at https://www.homeloans.com/bob-lowery

Thanks,

Bob Lowery

Home Mortgage Consultant

Prosperity Mortgage Company

410.248.1762 Tel

443.653.1720 Mobile

Bob.Lowery@prosperitymortgage.com

https://www.homeloans.com/bob-lowery