The much-anticipated extension to the home buyer tax credit has finally been approved. The Senate’s vote yesterday resulted in a 98-0 win and today it was passed in the house. The bill now moves to the President’s desk for a final signature.
First-time home buyers have been eligible for tax credits of up to $8,000 since last January as part of this year’s economic stimulus package. The newly backed program will expand the credit to include existing homeowners.
Under the revised program, those who have owned a home for at least five years will be able to apply for tax credits of up to $6,500 when they purchase their next home. To qualify, buyers will have to sign a purchase agreement by April 30, 2010 and close by June 30.
The maximum purchase price on a home will be $800,000 with vacation homes not eligible. Income limitations are $125,000 for single tax payers and $225,000 for joint filers.
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#2 by jenny on March 11, 2010 - 5:53 am
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It is really good news that the senate has decided to extend this tax credit. My sister is planning to buy a new house and this would be a big help.
#3 by Loan Modification Help on June 28, 2010 - 2:16 pm
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Why don’t the banks won’t just implement a loan mod plan and do it. Many people have just stopped paying and they would atleast be able to turn a profit.