It’s (mostly) official. After two weeks of delays, congress has voted to extend the first time homebuyer tax credit. The Senate voted 98-0 on Wednesday and yesterday the House voted 403-12 on legislation that includes the extension and expansion of the credit. The President is expected to sign the legislation, perhaps as early as today.
The new tax credit extension has a few differences. For example, income limits have been raised to $125,000 for a single buyer, $225,000 thousand for a married couple. This limit is bumped up from $150k total, and is a good move for areas where the cost of living is higher (like ours). Another difference a tax credit has been added for move-up buyers. Current homeowners could now be eligible for a $6500 tax credit for selling their current home and purchasing a new home.
For a brief the of changes to the homebuyer tax credit extension, the NAR has a good breakdown of the information HERE. There is also a really helpful list of FAQ’s from the NAR posted HERE.
Filed under: Buyer's Blog, Seller's Blog, first time homebuyer, first time homebuyers, tax credit extension
Joe Capote 