Life Style Denver by Gretchen Faber

Homebuyer Tax Credit Extended

The “first-time” home buyer tax credit was extended and modified today by Congress.

While there has been much debate here among Denver real estate brokers about the cost of the credit, there is no doubt that this move will help to continue to stimulate the recovering real estate market.

Homebuyers will now have two tax credits available. The original $8,000 for first time buyers – actually for buyers who haven’t owned a home in the previous 3 years.  As well as a second credit available to current homeowners of $6,500.  To be eligible, buyers must have lived in their current home for 5 out of the past 8 years.

The income limits for eligibility will increase to $125,000 for a single buyer and $225,000 for married couples.  The maximum home purchase price will be $800,000.

The newest version was passed out of the House and the Senate today, and the bill sits on President Obama’s desk, waiting for his signature.

While the bill might be waiting overnight – don’t you wait!  Get on my home search site and start house hunting.  We can find you a terrific home and you’ll get your tax credit as soon as you file!

This entry was posted on Thursday, November 5th, 2009 at 8:50 pm and is filed under Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1. Ice hockey bag said at November 24th, 2009 at 11:11 pm

   It such a nice news for home buyer’s. In my first visit
   here i got worthy suggestion of real estate.

2. guy weisser said at March 14th, 2010 at 10:07 pm

   This has to be a joke. I wonder who really thinks this will fix anything. Leave it to the politicians and talking heads to come up with something like this.

   guy weisser’s last blog post..Travelling

3. amador realestate said at April 8th, 2010 at 7:32 pm

   Wonderful Article! Keep us the good work!

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