$8,000 Homebuyer Credit Extension Update

October 30th, 2009 Categories: For Buyers, Market Trends

Almost daily I am asked by Miami home buyers if “the credit” has been extended. The deadline for the current credit is fast approaching (Nov. 30th) and if you’re not in contract already to buy a house, it is unlikely that you will be able to take advantage of the present credit.

BUT today we have news of being closer to a decision on whether the credit will be extended and/or expanded.  The Senate has come up with the following:

• Keep the amount capped at $8,000
• Extend the close date to June 30, 2010 (must be under contract by April 30)
• Raise the qualifying income limits to $125K for singles & $250K for joint taxpayers (limits are presently $75K & $150K respectively)
• Add a separate credit (up to $6,500) available to existing homeowners who have been in their home 5 of the previous 8 years before closing

The Senate still has to vote on the above and the House of Representatives could come up with it’s own version.  But this step brings us closer to a decision.

If you’ve been looking for a Miami home and hoping to qualify for the credit, you still may be able to.  Stay tuned.

This entry was posted on Friday, October 30th, 2009 at 7:33 am and is filed under For Buyers, Market Trends. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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