The $8000 tax credit program for first time home buyers is scheduled to end November 30th, 2009. However, there has been a push in the U.S. Senate to extend this date and to expand the program beyond the first time home buyer.
An amendment to expand the tax credit is expected to be attached to the Senate bill which would extend unemployment compensation. While some have speculated that the Obama Administration might not be open to the new home buyer tax credit program, earlier this evening the Wall Street Journal reported the administrations basic approval of the plan (read more).
The new home buyer tax credit program would allow all home buyers, not just first time home buyers, to receive a tax credit. First time home buyers would receive up to $8000 via the tax credit. Existing home owners would receive a $6500 tax credit. Home buyers must be under contract by April 30, 2010 and close within 60 days. It is expected that the final bill will have both income limitations and home value limitations.
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David and Lois Marris are top producing REALTORS at Edina Realtyof Rochester, MN. Edina Realty is the top real estate brokerage in Minnesota. For more information regarding Rochester MN Real Estate visit our web page at www.DavidAndLoisMarris.com. Contact information: DavidMarris@EdinaRealty.com, LoisMarris@EdinaRealty.com, 507-398-3251.
David and Lois Marris are top producing real estate agents for the Rochester Minnesota Keller Williams Premier Realty office. Keller Williams is the third largest Real Estate Company in North America
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