First Time Home Buyers Federal Tax Credit and *$6,500.00 credit for home owners who are selling

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Mortgage and Lending with www.LeoLends.com: CT Low Rate Mortgages

First-time Homebuyer Tax Credit Extended

The U.S. Congress has approved a bill that extends and broadens tax credits that were set to expire this month. The bill extends the credit for contracts signed by April 30th and closing by June 30th.  Income limits are expanded to cover more affluent buyers; couples earning up to $225,000 and individuals earning up to $125,000 annually now qualify.

*The new proposed bill will also creates a new $6,500 credit for qualified buyers who have owned their current home for at least five years. Homes worth more than $800,000 would not be eligible.


President Obama is expected to sign the bill as early as tomorrow.

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Rainer
51,188
Wayne Smith
Corona del Mar Properties - Corona del Mar, CA

this is great news especially for home owners!

Nov 05, 2009 06:07 PM #1
Anonymous
Rae

My husband and I are under contract to purchase a home and we qualify for the $6500.00 tax credit but we are waiting on BOA for our short sale and here in Arizona they could run as long as 9 months.  So what are we to do? How is it possible to lose out on our tax credit due to BOA delays?  That seems to me not very far to the buyer since June 30th may come and go without us closing.  Are we still able to take out tax credit since we are under contract prior to April 30th?

Mar 15, 2010 10:15 AM #2
Rainmaker
158,751
Leo Namiot
www.LeoLends.com: CT Low Rate Mortgages - Waterbury, CT
CT Mortgage Lender - FHA, VA - CT First Time Home Buyers, USDA, FHA, VA

Sorry Rea, you will need to CLOSE by June 30th, 2010 to take advantage. This is the problem with buying short sale homes. The lenders are taking months to just review the offers and then they may or MAY NOT accept the offer! 

www.LeoLends.com

 

Mar 29, 2010 10:19 AM #3
Anonymous
janice
This is a 6500.00 tax credit......not a refund check??
Apr 05, 2010 10:34 AM #5
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Rainmaker
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Leo Namiot

CT Mortgage Lender - FHA, VA - CT First Time Home Buyers, USDA, FHA, VA
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