Tax Credit Extended... And Expanded!!!

First-Time Home Buyers and now NON-First-Time Buyers get a Tax Credit.

Maple Grove, MN - In a 98-0 vote on Wednesday, the Senate passed a bill that will extend the $8,000 First-Time Home Buyer* Tax Credit to all purchase contracts signed by April 30, 2010 and closed by June 30, 2010! The previous tax credit was set to expire at the end of this month. With most closing schedules booked solid, and lenders making provisions for after-hours and weekend closing, the environment has been electric! Throw Thanksgiving into the mix, the last Thursday of the month, and there is no cushion for error! If anything were to delay the closing... NO $8,000! Well, we can all breathe a sigh of relief, the safety net is back!

In addition to the tax credit extension, a form of the credit has also been expanded to Non-First-Time Buyers. If a home buyer has owned their current home for at least five years. They will be eligible for up to $6,500. The bill also increased the adjusted gross income cap to $125,000 for single filers ($225,000 for joint filers).

*A First-Time Home Buyer is someone who has not had ownership interest in a residence within the previous three years.

Ben Olson is Mortgage Consultant affiliated with Mortgages Unlimited, a Licensed Mortgage Lender - Minnesota Department of Commerce. If you would like to get pre-approved for your home purchase, please contact Ben Olson at 763-416-2620 or visit www.AskBenOlson.com.