After weeks of delay, it looks like the Senate and House are poised to agree on a compromise measure to extend the popular $8,000 tax credit for homebuyers. The Senate might pass its version as early as today, and aides to Congressional leaders say the House could accept it this week, sending the bill to President Obama to sign into law.
The homebuyers’ credit — enacted last year, expanded this year and scheduled to expire Nov. 30 — would be extended to cover homes under contract by April 30. Also, it no longer would be limited to first-time buyers; people who have owned a home for at least five years could get a $6,500 credit on a new residence. Income limits for eligibility would be raised, making many more people qualify. To qualify for the full credit, homebuyers must have adjusted gross income of less than $125,000 ($250,000 for married couples filing jointly). In addition, the credit would only apply to homes sold for $800,000 or less. Contracts to buy a home must be signed by April 30, 2010, and the deals must close by June 30 in order for a buyer to qualify for the credit.
This is great news for buyers and will help the market rebound as people continue to take advantage of this wonderful program!
Read more about it here!
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