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!!
Jill Wente is an incredible realtor! We lived in the area for about 3 years before taking the house-hunting plunge... read moreJill Wente is an incredible realtor! We lived in the area for about 3 years before taking the house-hunting plunge and truly could not have chosen a better realtor to work with. Jill is professional and patient, she is an incredible resource who is 100% there for her clients at all times. We had a lot of questions and didn't want to pay any closing costs or prepaid costs out of pocket - Jill is a Master Certified Negotiation Expert and it SHOWS. We got exactly what we wanted at the price we wanted AND had several bonuses thrown in, including appliances and gutters. She was there for inspections/walk-throughs and kept in contact with our builder's salesperson as well. If you want a strong realtor who is also pleasant to work with (which I've learned is rare), then Jill is the realtor for you!! read less