Tax credit extended! The “first-time” homebuyer 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 tax 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 credit 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 tax 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!