It's the news you've been waiting for! The White House says that President Obama will sign the Tax Credit Extension bill today; the $8,000 Tax Credit for 1st-time home buyers is extended to April 30th, and additionally, repeat buyers now have a $6,500 Tax Credit available to them.
From Bloomberg:
The House approved the legislation yesterday on a 403-12 vote; the Senate passed it 98-0 on Nov. 4. White House spokeswoman Jen Psaki said Obama will sign the bill today.
For those of you who bought a home and are scrambling to close by November 30, you can relax. And if you haven't bought a home yet, now's the time. Rates are incredibly low, and every expert I talk to says they're going up soon.
Do you have questions about this? Post them below, or email me at mike@mikedavishomes.com .
More details to follow. Tell your friends about this by using the handy button below!
UPDATE:
OK, here are some details. The April 30 date means that you must PURCHASE (a signed contract) your home by then; to get the tax credit, you must then close within 60 days.
Income limits for eligible home buyers are expanded to $125,000 for single buyers and $225,000 for couples, from $75,000 and $150,000, respectively. To help guard against fraud, buyers are required to attach documentation of purchase to their tax return.
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