Today the President signed the bill to extend the tax credit until April 30, 2010 and also opened up the tax credit to homebuyers who have lived in their home for a consecutive 5 of the previous 8 years.
The bill passed by the Senate on Wednesday, the House on Thursday and
President Obama made it official today.
The NAR has issued a very helpful document that outlines the details of the current tax credit guidelines as well as the new rules and provisions.
Some Key Points to Highlight are:
- The official new expiration date is April 30, 2010.
- In order to make this deadline buyers must have a written binding contract with an effective date of on or before April 30th, 2010.
- Tax Credit is now open to current home owners who have lived in their principal residence for a consecutive 5 of the previous 8 years.
- Income limitations have increased. Limits are now $125,000-Single and $225,000-Married.
For a more complete set of features and provision details please visit the National Association of Realtors. For a list of FAQ about the tax credit extension from the NAR please READ MORE .
Remember, even though we have more time, now is not the time to wait until Spring!
Now is the time to set yourself up for an easy transition from apartment to home or home to home by…
…Preparing Today for what you’d like Tomorrow!
To start the home buying process please APPLY TODAY
Christina A. Gautcher
