Karen Church, your RE/MAX Integrity "Go To Gal" says the First Time Home Buyer Tax Credit is Extended!

Karen Church, your GO TO Gal as RE/MAX Integrity, at www.eugenehomesgal.com, announces that the $8000 First Time Home Buyer Tax Credit has been successfully extended. The other great news is that if you have owned your home more than 5 years and are looking to sell, you can qualify for some govt money too! READ ON......

Thursday, November 5th, 2009 Powered By RealTown.com

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Today's Top Story BREAKING NEWS: Congress Passes Homebuyer Tax Credit Expansion By Steve Cook RISMEDIA, November 6, 2009-After the Senate gave final approval last night without a dissenting vote, the House of Representatives voted overwhelmingly this afternoon to pass legislation containing an extension and expansion of the homebuyer tax credit, completing Congressional action and sending the tax credit to President Obama for his signature, possibly as early as tomorrow. The $8,000 homebuyer tax credit for first-time buyers, due to expire in 25 days, will be extended through April 30 of next year and buyers will have an additional two months, until the end of June, to close. First-time buyers who are in the process of making a purchase will no longer need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline. The new legislation increases the income limit for couples with income up to $225,000, a nearly $55,000 increase above the level in existing law. For the first time, the new legislation makes buyers who already own a home eligible for a credit. A $6,500 maximum credit will be available to existing homeowners who have lived in their current residence for five of the prior eight years. The legislation limits eligibility for the existing homeowner credit to homes worth $800,000 or less. The legislation takes effect December 1 and is not retroactive. Both credits are available only for primary residences, not second homes or investment properties. For more information, visit www.realestateeconomywatch.com.