It is official... the Tax credit was extended... Below is a chart to explain the deadlines and requirements.. Hope you find it helpfull!!
| Feature | Original Program | Extension |
| Deadline | Must fund by Nov. 30, 2009 (WFHM deadline was Oct. 30) | The measure is written differently so that a sales contract must be in place by April 30, 2010 - but homeowners have an additional 60 days to close. |
| Dollar Amount and Eligibility | Up to $8,000 for first-time home buyers (or 10 percent of the purchase price of the residence) if purchased Jan. 1 - Dec. 1, 2009 A FTHB was defined as someone who had not owned a home during the previous three years | Up to $8,000 for first-time home buyers - OR - $6,500 for current homeowners who have lived in their current residence for 5 consecutive years and are purchasing their next property |
| Income Cap | $75,000 (individual) $150,000 (married couples) | $125,000 (individual) $225,000 (married couples) Increases in the cap make the measure available to a broader group of customers. |
| Purchase Price | N/A | $800,000 or less |
| Repayment requirement | Must live in home for 3 years or be required to repay the credit | Same |
| Documentation to be used | The actual form needed to request the tax credit | Documentation requirements and process still TBD. |
It is official... the Tax credit was extended... Below is a chart to explain the deadlines and requirements.. Hope you find it helpfull!!
| Feature | Original Program | Extension |
| Deadline | Must fund by Nov. 30, 2009 (WFHM deadline was Oct. 30) | The measure is written differently so that a sales contract must be in place by April 30, 2010 - but homeowners have an additional 60 days to close. |
| Dollar Amount and Eligibility | Up to $8,000 for first-time home buyers (or 10 percent of the purchase price of the residence) if purchased Jan. 1 - Dec. 1, 2009 A FTHB was defined as someone who had not owned a home during the previous three years | Up to $8,000 for first-time home buyers - OR - $6,500 for current homeowners who have lived in their current residence for 5 consecutive years and are purchasing their next property |
| Income Cap | $75,000 (individual) $150,000 (married couples) | $125,000 (individual) $225,000 (married couples) Increases in the cap make the measure available to a broader group of customers. |
| Purchase Price | N/A | $800,000 or less |
| Repayment requirement | Must live in home for 3 years or be required to repay the credit | Same |
| Documentation to be used | The actual form needed to request the tax credit | Documentation requirements and process still TBD. |
News from the Senate...last week a bi-partisan plan found its way to the light of day that could spell good news for both buyers and sellers in the housing market.
Among the most enticing items is the proposal to stay with the current credit of $8000 for first time buyers; this credit is currently slated to expire at the end of this month-November 30. BUT...the new proposal doesn't stop there. It also calls for a NEW credit of $6500 for homeowners who want to now buy another house to use as their principal residence. To qualify, the homeowner(s) will have to have owned and lived in their current home for five consecutive years.
Currently, the household maximums for the credit are $75,000 for single buyers and $150,000 for married couples. The new plan proposes that the household income limits for the credit be raised to $125,000 for single buyers, and $250,000 for married couples, quite a leap
At the moment, there is strong bi-partisan support in the House as well, for extending the $8000 credit, but there are being some concerns voiced concerning the cost of the credit.
Currently, according to Congressional budget figures/estimates the credit is costing the Treasury some one billion dollars per month. And adding to that concern is the proposal of inviting in even more debt of a drain in the form of existing home owners (as described above).
So, it's wait and see at this point. Here's hoping that whatever comes down the pike will offer some much needed relief to sellers and buyers alike. Keep that chin up!
Hope Everyone has a happy and safe Halloween..WHat are your plans? Anyone that dresses up, please post a photo of yourself or where you were... i love to see Halloween costumes!! I miss the days when my kids were home and we dressed up!...
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