October 30, 2009

Another Update for the $8,000 Tax Credit

Posted to Jeremy Page

Below is a link that gives us more information on the status of the $8,000 tax credit for new home buyers. Looks like the Senate came to an agreement & they (Secretary of the Treasury, White House, & the Secretary of HUD) are asking for Congress to approve it. Again NOT done, but the news is still consistent that it’s going to stay alive.

The one the Senate came to an agreement on states:

  1. $8000 credit will be extended to April 30th, 2010. This is for APPLICATION DATE NOT CLOSING DATE like we have now.
  2. $8000 tax credit customer then must close by the end of June 2010.
  3. Credit would extend beyond April but would the credit amount would decrease until October. October will be the last application date & then
    the loans would need to close by December.
  4. Current home owners that have lived in their homes for 5 years would get a $6500 credit.

The Bill seems to have bipartisan support & hopefully that will continue as they get closer to voting. To read more, click here.

Posted by:Jeremy Page

Leave a Comment