It’s official.
In landslide votes, the extension/expansion of the first time home buyer tax credit passed both houses of Congress and is now on its way to the President’s desk for signing tomorrow.
The credit now goes through May 1st, which means you can sign a contract through May 1st as long as you close on the property by June 30th.
It gives up to $8000 for first time buyers (defined as not having owned a home for the past three years) and up to a $6500 credit to move-up buyers who have owned and occupied their current homes for at least five years.
Again, you have to be an owner occupant of this primary residence, no investors here, and there is an income cap for single filers at $125,000 and joint filers at $225,000. Oh, and the home you buy can’t be more than $800,000.
