FINGERS CROSSED!!!! There is a plan in the Senate to extend the current $8000 tax credit - AS WELL as some additional offerings! The primary points are as follows:
1. The plan would be to extend the credit, now ready to expire on November 30, 2009, to home purchases UNDER CONTRACT to April 30, 2010, with borrowers allowed another 60 DAYS to close the sale!
2. The plan would also allow homebuyers who buy a new home to qualify for a $6500 tax credit if they have lived in their PRIOR residence for at least 5 years! This would encourage existing homeowners to buy and sell!
3. The income levels would change, too, if this plan is approved. Currently, the income levels are up to $75,000 for individuals and up to $150,000 for couples. The proposal is for up to $125,000 for individuals and upt to $250,000 for couples!
This is AWESOME - and I hope it passes so that the real estate market will continue to stabilize!
To read the full article in Bloomberg, please CLICK HERE.
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