Great news! As many of you may have already heard, Congress has extended the deadline and benefits of the tax credit for homebuyers.
Here are the details: Congress Approves Extension of Tax Credit and Extends Benefits to Trade Up Buyers The White House said the legislation builds on its efforts and President Barack Obama would sign it into law Friday. The House passed the bill on Thursday, a day after the Senate had already done so. With the $8,000 tax credit for first-time homebuyers set to expire at the end of November, there was a sense of urgency in getting it to Obama’s desk. The legislation would extend the program through June of next year, as long as the buyer signs a contract by the end of April. It also offers a $6,500 tax credit to those who have lived in their current residence at least five years. The measure doubles the income ceiling for eligible individuals to $125,000. Homes must cost less than $800,000 to qualify.
Mark Lesses & Carole Falcone