Breaking News for Firt time home buyers - Blog

Breaking News for Firt time home buyers SENATE COULD EXTEND FIRST TIME HOME BUYERS TAX CREDIT & OFFER NEW INCENTIVE TO EXISTING HOMEOWNERS! Breaking News: The Senate has reached a compromise on extending and expanding the $8,000 tax credit for first-time home buyers. Confirmation of the new proposal is pending votes in the full Senate and the House. In addition to the first-time home buyers incentive, a new credit of up to $6,500 will be made available to some existing homeowners who have been in their current residence for five consecutive years. Qualifying income limits have been raised to $125,000 for single taxpayers and $250,000 for joint taxpayers, up from the current $75,000 and $150,000 respectively. Buyers must have sales agreements in hand by April 30th and close by June 30th. The new provisions are aimed at expanding availability of the credit beyond first-time buyers and revitalizing a weakened real estate market in order to drive new activity through the spring. Posted by Myriam Pulaski @ 8:52 AM on 11/01/2009

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