First Time Homebuyer Tax Credit Extension and Revision!!
Jesse Santana, Sr. Mortgage Consultant at Summit Mortgage Group has released the following information:
The US Senate has reached a tentative agreement to extend the popular $8,000 first-time homebuyer tax creditprogram, and expand the program to include some “repeat” buyers. Repeat buyers would need to have owned their previous home for at least five years to qualify for a maximum tax credit of $6,500. With both programs, homebuyers would need to have their home purchase under contract by April 30th, 2010 and close the sale within 60 days thereafter.
An additional expansion of the program would increase the maximum income limits for program participants. The new limits would be $125,000 for individuals and $225,000 for couples, up from $75,000 and $150,000 respectively. Senator Johnny Isakson calls it a once in a lifetime opportunity and anyone interested needs to act. He also stated, “this is the last extension.”
While this is great news, we also need to remember that inventory is low and many homebuyers searching for that new home are getting quite frustrated. The key to getting your offer accepted ahead of the competition, is having a Realtor on your side that knows what it takes to get you in contract.
Don't hesitate and wait for the market to "come back" or the inventory to grow. Waiting only means that someone else may end up buying YOUR new home! Call The Spencer Team today and experience the difference!
