$8,000 Tax Credit Extension Approved, Plus a $6,500 Credit Available For Repeat Homeowners
Posted under: Home Buying in San Antonio
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November 4, 2009 2:29 PM |
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After two weeks of delay, the Senate last night cleared the way to pass a seven month extension and expansion of the tax credit for homebuyers.
The homebuyer tax credit, due to expire November 30, would be extended through April 30 of next year. First-time buyers who are in the process of making a purchase would not need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline.
Last night the legislation also cleared the $6,500 credit for move-up buyers. The $8,000 maximum first-timer credit will now be available to couples with an income up to $225,000, a nearly $55,000 increase above the level in existing law. A new $6,500 maximum credit would also be available to move-up homeowners who have lived in their current residence for five of the prior eight years.
The tax credit has fired the housing market, driving existing home sales to the highest level in over two years. The National Association Realtors reported sales jumped 9.4 percent to a seasonally adjusted annual rate of 5.57 million units in September and are 9.2 percent higher than the 5.10 million-unit pace in September 2008.
You can call me or visit my website for more detailed information on the $6,500 Move-Up Credit and the extended $8,000 First Time Homebuyers Credit:
www.SanAntonio-ForSale.com
Karyn Jentz
210-454-4462
The homebuyer tax credit, due to expire November 30, would be extended through April 30 of next year. First-time buyers who are in the process of making a purchase would not need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline.
Last night the legislation also cleared the $6,500 credit for move-up buyers. The $8,000 maximum first-timer credit will now be available to couples with an income up to $225,000, a nearly $55,000 increase above the level in existing law. A new $6,500 maximum credit would also be available to move-up homeowners who have lived in their current residence for five of the prior eight years.
The tax credit has fired the housing market, driving existing home sales to the highest level in over two years. The National Association Realtors reported sales jumped 9.4 percent to a seasonally adjusted annual rate of 5.57 million units in September and are 9.2 percent higher than the 5.10 million-unit pace in September 2008.
You can call me or visit my website for more detailed information on the $6,500 Move-Up Credit and the extended $8,000 First Time Homebuyers Credit:
www.SanAntonio-ForSale.com
Karyn Jentz
210-454-4462
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