November 24th 2009
Well my last update told you that the IRS tax credit has been extended and expanded to include non-first time buyers. I do have one correction. I reported that the $6,500 for “move-up” buyers went into affect on December 1 but it actually went into affect the moment that the President signed the bill. So if you have bought a house that closed since November 6, Then you can get an extra $6,500 for the trouble.
November 6th 2009
Here is what we have just learned regarding the home buyers tax credit. The House passed the unemployment extension bill yesterday after Senate did the day before which includes the extension and expansion of the tax credit. The President signed the bill into law this morning. Here are some of the details.
· First-time homebuyers will continue at $8,000
· Tax credit for “move up” purchasers will be up to $6,500
o Must have used previous home as a principal residence for 5 consecutive years of the previous 8. This means that if a buyer owned a home for 5 years but has rented for the last 2 years, they are eligible.
· Income limits increased and are the same for first-time and “move up” purchasers: $125,000 for single filers/$225,000 for joint filers
· Limitation on eligible home prices has been increased to $800,000
· Time Frame: December 1, 2009 to April 30, 2010 plus 60 day extension if binding contract is in place by April 30, 2010
· Anti-fraud measures have been added.
If you have any questions, feel free to contact me.
Thank you, Mark Afman,
November 5th 2009
I am having one of those days today. I have a few loans that are trying to get closed for November. I am confident that the $8,000 tax credit will be extended in some form and the President will sign it but most first time buyers made plans to close by the end of this month and so there are several files that are in our system to do exactly that. So where is the Bad Day part coming in? Continue Reading »