BREAKING NEWS: CONGRESS APPROVES EXTENSION OF TAX CREDIT
New Rules with the Tax Credit
Client must close on home by June 30, 2010
Income Restrictions
Single: Make less than $125,000 annually
Couples: Make less than $225,000 annually
$6500 tax credit for non first time home buyers
Here’s the latest:
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First-time buyers get a credit of 10% of the purchase price, up to $8,000
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Move-up buyers who have lived in their previous home for 5 years or more will also get a credit, but the limit will be $6,500.
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Buyers earning up to $125,000 or $250,000 for couples can qualify. (up from $75,000 and $150,000)
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The plan extends the credit from November 30th to April 30th of 2010, plus 60 days to close escrow.
As we get updated info we will pass it along to you.
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