The First Time Home Buyer Tax Credit may be extended beyond it's December 1, 2009 expiration date! Not only extended but possibly expanding to ALL HOME BUYERS being allowed to take advantage of the program, which means this would make it very attractive for any buyer to purchase a home. The new legislation seeks to remove both the income restriction and the requirement that it be a first-time purchase.
Many supporters and groups have called on Congress to extend this deadline including The National Association of Realtors and National Association of Homebuilders which they say has helped some with the recent housing sales rebound.
The current First Time Home Buyer Credit is available to only 1st time home buyers and is a one time credit of 10% of the homes purchase price up to a maximum of $8000 which buyers can choose to credit their 2008 return or wait until their 2009 return. The tax credit is available to US citizens with incomes under $75,000 or $150,000 for married couples filing jointly.
Let's hope that Congress passes this new legislation...this might be the answer to finally push the housing market out of this economic slump and get things back on track. Stay tuned to Tropic Shores Blog to get the latest details... Is it time for you to upgrade or down size?
Have a Great Day!
