Like the Energizer Bunny keeps the spacecraft going, the Home Buyer Tax Credit is apparently going to keep the housing market going, at least though April 30, 2010. This extension isn't just about more time, as there are expansions to eligibility as well. Here are the high points:
- Extended through April 30, 2010
- Contracts must be in place by April 30 have until end of June to close
- Up to $8000 credit for first time home buyers
- Up to $6500 credit for people who've lived in their current home for five years and want to "trade up"
- Qualify with up to $125k single income or $225k joint income
- Only available on homes with selling price up to $800k
- Must continue to live in the home for 3 years or repay the credit
Even those opposed to an extension expected it with some modifications. We'll all wait and see if this huge government buy-in will help to turn the market around. The next six months will see a lot of buyers in the market. The National Association of Realtors pushed hard for this result, and their members will certainly experience a short term influx of business from it.
For those about to go out on a house hunt with the credit in mind, come in and see us to get pre-approved. In today's mortgage markets you really need to go out with accurate information and numbers for qualified loan amounts.
Contact me today to become Pre-Approved