The extension of the first time homebuyer tax credit moved one step closer to becoming law yesterday when it passed the Senate. The bill is predicted to have enough support to pass the House of Representatives and then it will be sent to President and assuming Mr. Obama signs it the extension of the first time homebuyer tax credit will become law.
Over the last couple of weeks I have seen many erroneous headlines regarding the extension of the first time home buyer tax credit including this one which showed up in my email box this morning “FIRST TIME HOMEBUYER EXTENSION IS FINAL!!”. For the bloggers and writers of these articles its time to go back to school by viewing this video on how a bill actually becomes a law. The first time homebuyer tax credit extension is NOT final. It moved one step closer to becoming final but it is not there yet.
If the first time homebuyer extension does become final and there is a good chance it will, first time homebuyers will have until April 30th, 2010 to get into contract on a home and receive a tax credit up to $8,000. The fine print is the house has to close by June 30th, 2010. The income qualifications have been increased to $125,000 for individuals and $250,000 for couples.
Another part of the bill which hopefully will spur some activity in the Spring Texas real estate market is the inclusion of a tax credit for move up buyers. If a buyer has owned his current home for the last 5 years, he will be eligible for a $6,500 tax credit.
It is very probable that the first time homebuyer tax credit will be extended and expanded but its not there yet. Stay tuned!!
We entrusted Jill Wente with the sale of our current home and purchase of a new home. From the beginning... read moreWe entrusted Jill Wente with the sale of our current home and purchase of a new home. From the beginning she was extremely up front and honest about exactly what we would need to do to get our house sold. We had an incredibly tight timeline, that she explained would be difficult to make - but she helped us make it happen and our house was under contract in 2 days! She had recommendations for all our home repair needs and they were all professional and fairly priced. She worked hard to really sell our offer for our new home - she was able to pull off the tight timeline, securing a rent back from our old house so we had time to move out, and a contingency for our new home. Definitely exceeded our expectations. She was so helpful along the way - as first time home sellers we really relied on her and we feel lucky to have worked with her! You will not regret working with Jill! read less