IF President Obama signs the bill that Congress just passed - we will have the 1st time homebuyer tax credit extended for Purchase & Sales agreements under contract with qualified buyers before May 1st, 2010'
The bill was approved by the Senate last week by a unanimous vote of 98 - 0 oppossed! The House passed it today.
Remember that there are qualifications that must be met.
First - any home over $800,000 is not eligible even if the buyer meets the income limitations - this is new.
To be eligible for the credit - there are Income limits. Limits will be raised from $75,000 to $125,000 for individuals and from $125,000 to $225,000 for couples. So...
INCOME LIMITATIONS for receiving the new Tax Credit
The credit can be up to 10% of a home's purchase price.
The maximum credit remains at $8,000 for first-time homebuyers which is defined as someone who has NOT owned a home in the last 8 years...
The maximum credit for CURRENT homeowners is $6,500 IF they have been in their primary residence (owner occupied) for at least of the last 8 years - and they must sell their home and buy a new one to qualify.
For additional details go to www.loancentral.com/homebuyertaxcredit
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