Homebuyer tax credit extension passed by the Senate
New homebuyers were treated to some wonderful news today when the Senate approved an extension of the New Homebuyer $8000 credit for contracts signed by April 30thand closed by June 30th. It was an overwhelming 98 to 0 vote for the action as it heads to the House of Representatives.
Thats not all. Thus far the Homebuyer Credit only applied to first time homebuyers. The new legislation created a $6,500 tax credit for those have already owned a home for the one of the past five years. Now it applies to homebuyers who have owned a home in one of the past five years.
If you are reading this post and are considering purchasing a home this might provide some valuable assistance.
Its an incredible time to purchase your new home. We have seen some incredible price opportunities throughout our market. Interest rates are at some of the lowest we have seen. If things couldnt be more attractive, this new Senate legislation creates a $6,500 additional reason that todays market couldnt be more attractive for buyers.
If you are interested in learning more about this new incentive and how you might qualify for either the first time buyer incentive or the new existing home buyer credit please give us a call today at 303-868-0757 or 303-921-5420. We are here to help you understand how these new changes will help you.
Link to CNN Story
The legislation also would extend the $8,000 homebuyer tax credit to contracts signed by April 30 and closed by June 30. The controversial credit, which many say has boosted home sales in recent months, was set to expire after Nov. 30.
The Senate's bill also created a $6,500 credit for those who buy a home after owning one for the last five years. That measure would apply to contracts signed by April 30 and closed by June 30. The current credit defines a first-time homebuyer as someone who has not owned a residence within the past three years.
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