The Home Buyer's Tax Credit Extension is almost there

The Home Buyer's Tax Credit Extension is almost there the bill H.R. 3548 Worker, Homeownership, and Business Assistance Act of 2009 has been passed by Congress and now the Senate. We are just now waiting on a stroke of the pen from the White House.

Now some of the changes are still being filtered out but it does seem on first read that the First Time Home Buyer is not the only people that will benefit. Now other home buyers can benefit.

Now the deadlineshave been changed from December 1, 2009 to May 1, 2010. Another twist seems to be that they have also added even more time by saying that if a taxpayer enters into a binding contract before May 1, 2010 to close by July 1, 2010. So the homebuyers may even get a little extra time.

Now the home buyers that have previously owned their own home the amounts have been changed from $8,000 to $6,500 and from the bottom of $4,000 to $3,250.

The income limitations are being changed from 75,000 ( 150,000 to 125,000 ( 225,000. So even the middle to upper middle class can take advantage of the tax credit.

The cap on the purchase price is now at $800,000. So that should open up quite a few doors.

Some more little known facts are that individuals on Qualified Official Extended Duty Outside the United States for at least 90 days after December 31, 2008 actually will have another full year and instead of the May 1, 2010 and July 1, 2010 deadlines they will have until May 1, 2011 and July 1, 2011.

The Author:

Larry is a Greensboro Residential Broker, CARTUS Certified Relocation Specialist, Previews luxury homes trained, SRES & CHMS who can assist you with the purchase and/or sale of real estate in the Piedmont Triad Area that include but, not limited to Greensboro, High Point, and Winston Salem, NC. If you're relocating to or from any other area of the country, Larry connects you with a member of our national team of relocation specialist in your destination or exit city of choice. The destination service is of no cost to you! As your Personal Concierge Realtor Larry provides customer service that is equal to none. Your complete happiness is our top priority! Larry Story - Coldwell Banker Triad Realtors - 336-327-1841 also at http://www.storybookhomes.ws

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