Big news for First Time homebuyers that are still on the hunt for that perfect place to call their own. Key lawmakers in the Senate have tentatively agreed with the proposed extension to the $8,000 Tax Credit as well as a new $6,500 credit for existing homeowners who have lived in their current homes for five years consecutively.
This news comes at the tail end of our current First Time Homebuyer Tax Credit deadline, scheduled for a drop date at the end of November (closing and settlement must be completed prior to November 30th).
Along with changes in income cap eligibility, Home purchasers who are under contract by April 30th of 2010 and who close before July 1st would be eligible. Furthermore, members of the military who have been oversees for over 90 days (during 2008-2009) would be given this tax credit opportunity until April 30th of the following year, 2011.
Interested homebuyers should remember that the caveat for this tax credit is that you must remain in the newly purchased home for a 3 year minimum, which helps to boost sales for owner occupants instead of investment purchases.
More news will come of the possibility of the Homebuyer Tax Credit Extension - many are looking into the nuances of claiming the Tax Credit as many cases of abuse have been reported, including minors receiving the tax credit (even a four year old). In addition, many feel that this Tax Credit is simply acting as a costly 'band-aid' for the nations housing market.
More news in the coming days - the entire Senate must still vote on the bill which includes these items.
If you are interested in learning how to make a solid investment and sound decisions in the Dallas area Real Estate Market, contact me...
Ashley Cox is a Realtor® with Dallas City Center Realtors and strives to provide excellent service and assistance to Buyers and Sellers in the Dallas/Fort Worth Metroplex. If you are in the market to buy or sell and need the assistance, guidance and support of a professional, call (972) 978-3109 today.
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