First Time Home Buyer Tax Credit Approved
November 5th, 2009 categories: First Time Home Buyer Info
By a Vote of 98-0
As was expected and over reported on 
, the FTHB tax credit legislation has been approved by the House of Representatives. President Obama is projected to sign the bill by next Friday.
Plan Revised
While FTHB’s will continue to get the $8K credit if in contract by Apri
l 30th, the new legislation also includes a tax credit for move up buyers of $6500 if, as with the FTHB, they are in contract by April 30th and close by June 30th.
Move up buyers must have been in their present home for 5 years to qualify for the tax credit.
Click here for a comparison chart from the NAR!
Income Levels
The income levels have also been extended from $75K for a single person and $150K for a couple to $125K and $225K respectively.
That opens the door to more buyers over the course of the next 6 months and will go a long way to increasing sales nationwide.
Now all we need are some homes to sell!!
Pros & Cons
As with everything, there are up sides and down sides to the tax credit but overall, my opinion is that it will help some people who really need the help to get into a home.
It will be icing on the cake for everyone else. Except investors.
The way this appears is that the tax credit will only be for those looking to occupy their homes and not non owner occupied buyers which makes sense.
Have questions? Use this link as a resource. Click here.
Thanks for visiting!
Related Posts
No related posts.
Smart move. This was effective legislation!
You re-set the the FTHB clock! I like it!
LOL Marie you’re the first one to notice! Oddly, it was the first thing that occurred to me when I heard of the extension being approved! Thanks much for the comment!