Home Buyer Credit Extended and Expanded - It's Almost Official

The House voted 403-12 to approve the extension and expansion of the Home Buyer Credit. Now it just needs to be signed by President Obama, and he has promised to sign it as soon as it hits his desk.

How Long - You must sign your contract by April 30, 2010 and you must close by June 30, 2010

$8,000 Credit - Ten percent of the puchase price of a primary residence to a maximum of $8,000 for first time buyers and former homeowners who have not owned a home in the past three years.

$6,500 Credit - Ten percent of the purchase price of a primary residence to a maximum of $6,500 for repeat buyers who have "owned" their current homes for at least five years.

Military - If you have served outside the US for at least 90 days from January 1, 2009 to May 1, 2010, you are entitled to a one year extention.

Income Limits - Increased to $125,000 for a individual filers and $225,000 for a joint filers. Individuals with incomes up to $145,000 for individual filers and $245,000 for joint filers qualify for reduced credits.

Price Limits - The credits do not apply to homes more than $800,000

Cost to the rest of America that do not qualify or are not buying a home = $10.8 Billion.

Alexandria Real Estate Information - Looking to Buy or Sell a home in Alexandria? Email or call your Northern Virginia Real Estate Expert, Susan Craft, REALTOR®, CRS - Susan@SusanCraft.com or (703) 216-4501 - Susan's Website - SusanCraft.com

Susan is a proud member of the distinguished TEAM at McEnearney Associates - 109 S Pitt Street Alexandria, VA 22314

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