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$8,000 Homebuyer Credit Extension Update

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.

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These articles are not intended to give legal or tax advice, and you should consult your attorney or financial advisor for additional information.

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