Clients and friends, 
 
I wanted to bring you current on the talks about extending the first-time homebuyer tax credits and the new additions the Senate is adding.  This could affect market conditions within the real estate markets making it even more competitive for the diminished inventories. 

It appears that the Senate in Washington is going to extend the home buyer tax credit and offer a credit to any repeat homebuyer who purchases another home providing they have owned their current primary home for more that 5 years. It also has a provision to help our military men and women who have served outside the U.S.
 
If the measure is approved, the purchase agreements must be signed by April 30, 2010 and closing must be final by June 30, 2010.
 
If you or a family member of the military who has served outside the U.S. for at least 90 days from Jan. 1, 2009 to may 1, 2010, the deadline is extended by a year.
 
Income limits are:  Individual with annual incomes up to $125,000 and joint filers with incomes up to $225,000 qualify for the full credit.  Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.
 
How to claim your tax credit:
Taxpayers can claim the credit on their federal income tax returns.  If the credit exceeds their tax bill, the government will issue a payment.  Taxpayers who want immediate refunds can amend their tax returns for 2008 to claim the credit.
 
Cost of the Program:  $10.8 Million
 
Please keep my name & phone numbers below handy so that when you hear someone express an interest in purchasing a home or obtaining a loan, and/or clarification of the program, you can refer them to me.  My family and I thank you for your referrals.

Respectfully,

George S. Kininmonth