It is set to expire before (having signed contract) 4-30 as long as you close (sign buying papers) before 6-30
$8k for first time buyers ( 3 years or more no house)
$6.5k for homeowners for 5 or more years when they move into another house.
$0 for those who got screwed being owners between 3-5 years. Makes you proud to be an american doesn't it?
That means I have to wait even longer to buy. Once it dies again prices will drop by even more. Add in interest rate increase that have to come in the next 3 years, likely much shorter term and prices will drop.
In addition to extending the tax break for first-time homebuyers, the measure would let more people qualify for the credit, including some who already own homes and those with higher incomes.
Homebuyers who have lived in their prior residence for at least five years could receive a credit of $6,500. Couples earning as much as $225,000 a year and individuals earning up to $125,000 would qualify. Thatâ€™s up from the current $75,000 limit for individuals and $150,000 for couples.
Feel free to contact me with any questions at Sean@Spectrafinancial.com
It appears 99% certain it will go through. But not until single versionis voted in by both Houses and signed by the President.
Steele V. Propp
Schatz Group Real Estate