BREAKING NEWS! Congress Passed Tax Credit Extension and Expansion

Congress has passed legislation that will extend the first-time home buyer’s tax credit through April 30, 2010 AND extend the tax credit to repeat buyers. For first-time buyers, the credit will remain at 10% up to a max of $8,000. For repeat buyers, it will be capped at $6,500. A buyer who has owned their home and used it as their primary residence consecutively for 5 of the past 8 years can qualify (if meet the income limits). You do not have to sell your current home, but it won’t apply to vacation homes and the purchased home must be used as your primary residence. Income limits have been increased to $125,000 (individuals)/ $225,000 (couples). Buyers must be under contract by April 30, 2010 and close by June 30, 2010. The President is expected to sign the bill into law on Friday, November 6th.

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