An extension of the $8,000 first time homebuyer tax credit appears like it will be extended.
The Obama administration encouraged first-time homebuyer's more time to claim the popular tax credit.
Tim Geithner and HUD Secretary also welcome efforts by congress to extend the credit for a limited period of time.
Here's a quick summary of the negotiations:
1. Looks like the deadline may be extended to April 30, 2010
2. Buyer's must have a sales contract by April 30, 2010 but can take up to 60 days to close the purchase.
3. Credit may be extended to existing home buyers. Existing homebuyers may be defined as having lived in their home for the past 5 years, and may be able to claim $6,500.
4. Income limits may be increased from the current limit of $75,000 single, $125,000 married, to $150,000 single to $225,000 married.
Terry S. Smith is an Associate Broker with DPR Realty LLC in Scottsdale Arizona. You can reach him at (602) 763-1858 or by e-mail. Terry@AZLenderForeclosure.com Go here to search for Scottsdale Homes:
http://www.scottsdalelenderforeclosure.com/
Monday, November 2, 2009
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