Keith & Jason Renno

Senators Agree to Extend Homebuyer Tax Credit
Legislation Pending Approval From Congress

Aside from the first-time homebuyer credit, the new plan would offer a $6,500 credit for repeat or move-up homebuyers who have lived in their primary residence for five years or more. The tax credits would be available to buyers who sign purchase agreements on a new or existing primary residence between December 1, 2009 and April 30, 2010. Buyers would have until June 30 to close on their new homes.

There is an $800,000 price limit on all homes eligible for the credit. The income limits for all buyers would rise to $125,000 per year for individuals and $225,000 for married couples. Under the current program, the limits are $75,000 and $150,000 respectively. The first-time homebuyer credit is also available to those who have not owned a home in the previous three years. The credit does not have to be repaid unless the home is sold or ceases to be the primary residence within three years.

According to the Treasury Department, more than 1.2 million borrowers have claimed $8.5 billion of the $13.6 billion set aside for the first-time homebuyer tax credit.

Please be advised that this legislation has not yet passed, but I will be sure to keep you informed as it moves through Congress toward approval. I'm committed to meeting your home financing needs. Call me if you have any questions, or if you would like to get started on a loan application today!

Mortgage rates have dropped AGAIN and are extremely low. This makes it a GREAT time to buy or refinance a home. Why act now?

A drop in rates provides a tremendous opportunity to refinance and reduce your monthly mortgage payment and potentially save thousands of dollars over the life of your home loan. It's also a great time to buy a new home.

First-time homebuyers are eligible for an $8,000 tax credit, which does not have to be repaid unless you sell your home within three years. The credit is available for purchases completed on or after January 1, 2009, and before December 1, 2009.

If you're still sitting on the sidelines waiting for housing prices to hit bottom, you should consider that what might be gained from a further drop in housing prices could easily be lost by a rise in interest rates. Plus, locking in your low rate now gives you the peace of mind to keep looking for the perfect home without worrying about losing a potentially great rate!

Rates continue to be volatile and this opportunity might not last long. Don't wait until next week. Call me today to get preapproved. Whether you are looking to buy or refinance, I am here to help.