Denver home buyers finally got word today that the popular First Time Home Buyers Tax Credit has been extended– or at least one big step closer. Many Denver buyers have been stressing out trying to procure their first homes and close by the original deadline of December 1. Now they can breath a sigh of relief since the Senate has reached a compromise extending the tax credit to the end of June 2010! The measure still must face the full senate vote and then the House of Representatives before becoming a bill.
The Tax credit maximum remains at $8,000 for First Time Home Buyers
See our related posts for additional information on how to qualify for the tax credit. A new addition to the bill which will surely stimulate additional purchases is a another credit for repeat buyers who have owned their current homes for at least 5 years. That’s right, this is a tax credit for repeat buyers! This could be a great time to move up and take advantage of ridiculously low prices, or even just move to a better school district.
Tax Credit For Repeat Denver Real Estate Buyers is Up To $6,500
Another helpful expansion is the increase in maximum income qualifications. Now homebuyers can make $125,000 or $250,000 for home buyers filing jointly! This opens the doors for some buyers in significantly higher price ranges to take advantage of the very soft top of the market. Higher priced homes in and around Denver have seen enormous price reductions and very slow deal velocity which has made resolute sellers very receptive to lower than usual offers. Stay tuned for more info about the passage of this promising Tax Credit Expansion.
