Great News for First-Time Homebuyers and Move-Up Homebuyers! Congress has enacted legislation, which the President has signed, extending and expanding the First-Time Homebuyer Tax Credit.
The extension for First-Time Buyers expires April 30th. This means that you must be under contract by April 30th and close your home purchase by June 30th. First-Time Buyers can qualify for a tax credit of 10% of the purchase price up to $8,000.00
The legislation passed expands the tax credit to "move-up" buyers as well, meaning current homeowners who have lived in their home for 5 out of the last 8 years, who purchase another primary residence, can qualify for a credit up to $6,500.00.
For more information go to www.federalhousingtaxcredit.com
Showing posts with label home buyer tax credit. Show all posts
Showing posts with label home buyer tax credit. Show all posts
Friday, November 20, 2009
Friday, June 12, 2009
Congress Seeks to Expand Tax Credit for Homebuyers!
Bloomberg reports, that Congress is seeking to expand the Home buyer Tax Credit to all purchasers, increase the credit to $15,000.00 and remove income and other restrictions on the current First Time Home buyer tax credit.
The Bill sponsored by Senator Johnny Isakson, a Georgia Republican is co-sponsored by Democrat Christopher Dodd, Senate Banking Committee Chair. The legislation also seeks to allow purchasers to utilize the tax credit in the purchase of multi-family homes used as the purchaser's primary residence.
Many economists feel that the housing market continues to be a drag on the national economy and remains a stumbling block to a recovery. The hope is that the proposed legislation will help reduce the current housing inventory and stimulate activity among home purchasers outside of the first-time buyer group.
The Bill sponsored by Senator Johnny Isakson, a Georgia Republican is co-sponsored by Democrat Christopher Dodd, Senate Banking Committee Chair. The legislation also seeks to allow purchasers to utilize the tax credit in the purchase of multi-family homes used as the purchaser's primary residence.
Many economists feel that the housing market continues to be a drag on the national economy and remains a stumbling block to a recovery. The hope is that the proposed legislation will help reduce the current housing inventory and stimulate activity among home purchasers outside of the first-time buyer group.
Thursday, February 05, 2009
Will Homebuyer Tax Credit Provide Hope for the Real Estate Market?
Yesterday, the Senate added a provision to President Obama's stimulus package to help the housing industry. Any homebuyer, not just first-time buyers, can earn a tax credit of 10% of the purchase price of their new home, up to $15,000. The bill hasn't passed yet, but pundits believe that it should come to the floor for a vote by Friday, with the tax credit intact.
This is great news for the real estate market! If it passes ALL homebuyers, not just first-time buyers, will be able to take advantage of lower home prices, a large inventory to choose from, historically low interest rates and the tax credit. There's never been a better time to buy!
This is great news for the real estate market! If it passes ALL homebuyers, not just first-time buyers, will be able to take advantage of lower home prices, a large inventory to choose from, historically low interest rates and the tax credit. There's never been a better time to buy!
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