OK...so if you're in the market for a home... you've certainly been made aware of the Homebuyer Tax Credit that is scheduled to expire on November 30. I mean...if you are a first-time homebuyer- you cannot overlook the $8,000 in FREE money the government is offering you just to buy a house. So whats the skinny on the proposed extension of the Homebuyer Tax Credit?
THIS HAS NOT YET BEEN APPROVED...
This is still in proposal form. If you are looking for a home- move quickly...there is no guaranty this will be signed. Dont miss the November 30 deadline because you think you have more time.
Who will get the credit and how much can you claim?
First time homebuyers are still the primary target of the legislation. And first time means you have not owned a home in the last 3 years. Those buyers would get the full benefit of the $8,000 under the proposal.
The changed being proposed is that current homeowners who have owned a home for atleast 5 years, can get a credit of up to $6,500 for buying a new(or new to them) home. Again...this is only a proposal. But this in itself is incredibly exciting for homeowners looking to trade up.
How long will it last this time?
The proposed tax credits would expire on April 30, 2010. Although that means that buyers would need to have a home under contract by April 30 and must close on the home within 60-days after April 30, 2009.
So will I be able to buy that $Million home I've been wanting?
Not likely. The tax credit phases out for single buyers making $125,000 a year and married buyers making $225,000 a year. Not to mention- homes $800,000 and above are not eliglible for the credit.
Stay tuned!! More updates are coming out every day!
Check back here for your updates. As soon as we get an approval- you'll hear about it here immediately.