House Extends Home Buyer Tax Credit
The house has just passed the Housing Tax Credit Bill- President expected to sign as early as this evening. Highlights:
Extends the $8,000 tax credit until April 30th for first-time homebuyers.
Creates a new $6,500 tax credit for move-up buyers for the same period.
Both would have an additional 60 days (June 30th) to close on the home.
Income limits for both groups would be $125,000 for individuals and $225,000 for couples.
For step up buyers, they must have been residing in their primary residence for 5 consecutive years out of the last 8.
Eligible purchases under the credit are limited to homes that cost less than $800,000.
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