Highlights of what is most likely to be passed.
- $8,000 credit for 1st time buyers extending to April 3oth. 2009
- Homes have to be under contract by April 30th. and close within 60 days following.
- If home is purchased in 2010 the credit can be used by the buyers for 2009 (file an amended return)
- Income limits raising to $125,000 for individuals and $225,000 for a joint return
- Credit will not have to be repaid if buyer lives in the home 36 months or more.
- Anti-fraud language has been added. (kind of like closing the barn door after the cows are out. Don’t ya think?)
- Step up buyers are eligible for a $6,500 tax credit if they have lived in their homes for five years or more. ( equity anyone?)
Stay tuned for more updates. It looks like the status is changing by the hour. For more information you can visit the Treasury Site and read the press release for October 29th 2009 here. CNBC has coverage here.
So who wants to buy a house in Tacoma now? Give us a call at (253) 219-1194 and we can start the conversation.
