Thursday, October 29, 2009

Tax Credit Extended! *ALMOST!*

Senators agreed yesterday to extend the popular tax credit giving first-time homebuyers up to $8000. The plan was set to expire at the end of November, but the new proposal will extend it to buyers who are "in written contract" on a home by April 30th, 2010, and they have until June 30th to close the transaction. Now to clear up some confusion, nothing has been signed around yet so it is not quite official even though Senators have agreed.

In addition to first-time homebuyers, the program is now proposed to be opened up to repeat buyers who have owned their home for at least 5 years. The credit would be slightly reduced for repeat buyers at a maximum of $6500.
Opening it up to other buyers besides just first-timers is a great move and will hopefully help to stimulate some other price points a bit.

And just in case you still don't know what all of this is about, here's the cute video again that explains it! Enjoy!

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