We are only waiting on the President’s signature and there is no sign that he won’t.
Below is a summary of the new modifications in the extension and expansion of the tax credit:
1) The $8,000 tax credit will be extended and available for first-time purchases before May 1, 2010.
2) A new $6,500 tax credit will be available for repeat buyers who purchase between December 1, 2009, and May 1, 2010. To qualify for this provision, buyers must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.
3) Prospective purchasers with binding contracts in place as of April 30, 2010, will be allowed an additional 60 days to complete the transaction.
4) Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.
The people that are buying right before this takes place are going to be annoyed. Before everyone rejoices, take a look at this post about the costs and fraud that went with the current tax credit. And it’s only projected to cost about $1 Billion a month that it is extended.
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