Its ALMOST Official Homebuying Tax Credit Extended, But with a few changes!!!!!

housemoneyIts ALMOST OFFICIAL !!!!!  The Senate indicates that First time Homebuyers Tax Credit will be renewed until at least April of 2010! This is Great news! Here are the biggest changes: The credit would be cut slightly to a $7,290 cap. Income eligibility for first-time home buyers would stay the same, but it would rise for step-up buyers to $125,000 for individuals and $250,000 for couples. This is the biggest change: The credit will also be expanded to include so-called step-up buyers who have lived in their current home for at least five years. At this time, it is believed that the credit will allow anyone purchasing (even if the property is not closed) a home by April 30, 2010 to participate and receive the full credit available. The credit will be continued (but reduced by 2% each 90 days) through the end of 2010! The credit will be slightly lessened, but it will be renewed and this extension should allow the market to continue to recover into and through next summer’s selling season. Of course, there’s always the possibility that it could be renewed at that time, as well. Here’s the text of the story as reported in Bloomberg News today: Senate Democrats on Board with Credit Extension Senate Banking Committee Chairman Chris Dodd (D-Conn.) says Senate Democrats have agreed to extend the first-time home buyer tax credit. The latest version extends the program to home sales signed – not closed – by April 30. Purchasers would have another 60 days to close the sale. This info passed on by Dee Dee Jones Wainwright Real Estate The Hampton Roads Real Estate Lady!

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About djonesrealestate

Contact me for all you real estate buying and selling needs in VA, DC, and MD. Need to find an agent in a different city- contact me and I can also help you relocate Nationwide! Let me give you the Red Carpet Treatment! I have been a Real Estate agent since 1996 previously licensed in California and Illinois, and currently licensed in Virginia, Maryland, and Washington DC. I am a mother of three and a Navy spouse, as your agent I am committed to exceeding your expectations. Whether you are a first time home buyer or some one who has bought and sold several homes I offer all my clients the benefits of professional customer service, industry experience, and innovative marketing. If you work with a church or non-profit group and would like me to host a home buying course. Please feel free to contact me! DeAndrea Dee Dee Jones Principal Broker DC, MD Realtor VA Home Buyers Marketing II, Inc HBM2, Inc. DJonesRealEstate.com

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