The House of Representatives passes Senate bill extending and expanding home buyer tax credit

Just yesterday, the Senate unanimously approved a bill extending and expanding the first-time home buyer tax credit, which I wrote about earlier today.

Today, the House of Representatives voted 403-12 in favor of this bill, which may be signed by President Obama as soon as tomorrow.

The new bill extends the home buyer tax credit for purchasers who have a contract to purchase a home by April 30, 2010, and who close the transaction by June 30, 2010.

It also provides a tax credit up to $6,500 for current homeowners who have been in their homes for five of the past eight years and adhere to the same timetable.

Military personnel who are deployed overseas have a longer time period in which to claim their tax credit.

Furthermore, the bill increases the income limits for individuals from $75,000 to $125,000 and for couples from $150,000 to $225,000.

The tax credit only applies to home purchases up to $800,000.

Buyers must use the home as their primary residence and may not sell the home for a minimum of three years, or they have to repay the credit.

This is wonderful news for the housing market, which slowed as a result of the looming November 30 deadline.

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Lynn Michaels is one of the Top Producers in the Marlboro / Manalapanoffice of Weichert, Realtors. Whether buying or selling a home in Marlboro, Manalapan, Freehold or the surrounding areas, call Lynn for outstanding service and results.

Lynn Michaels (Cell) 908-804-3200 (Email) lynnmichaels@hotmail.com (Web) http://www.lynnmichaelshomes.com/