Va Beach Real Estate and update on Homebuyer's Federal Tax Credit and more info!!!

Yes, yes, and yes!!!! The Bill that includes The Homebuyers Federal Tax Credit has been passed by the Senate and the House and, as the MBA ( Mortgage Bankers Association) indicated in a release today that "we anticipate that President Obama will sign the bill in very short order"!! Great news for many many Homebuyers and definitely this bill includes more Homebuyer's then ever before.

See below for information on this part of the bill that was included in a Blog I sent out on 11/05/09.

"In this Homebuyer Federal Tax Credit part of the bill, funding will be available for Home purchases up to May 1, 2010. Home Buyers who have ratified/binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction.

The Homebuyers Federal Tax Credit remains at $8,000 for first-time Homebuyers and Homebuyers who have not owned a Home in the past 3 years.

In addition their is a new $6,500 tax credit for repeat Homebuyers who purchase between December 1, 2009 and May 1, 2010. Repeat buyers must have lived in their Homes consecutively for five of the previous eight years.

Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.

As a result of a significant amount of fradulent reporting with the initial Homebuyers Federal Tax Credit new anti-fraud limitations are imposed in the new bill. The White House has signaled that the President will sign the legislation."

Also, good news for members of the armed forces who are called on extended duty. These members of our military and uniformed services, who are out of the country for at least 90 days, will also be eligible to use the tax credit upon their return through April 30th, 2011. That's April 30th, 2011, not April 30th 2010.

Va Beach Jim

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