THE FIRST TIME HOME BUYERS TAX CREDIT ON THE WAY FOR OBAMA’S SIGNATURE
According to a breaking news story, the Senate has passed a bill that would extend the current First Time Home Buyers Tax Credit of $8,000 through April of next year. The current tax credit is scheduled to expire on November 30, 2009. There has been a flurry of activity in the Denver market over the last 90 days, with First Time Home Buyers scrambling to take advantage of the credit.
Not all of the details have been released yet but it looks like the new bill will extend the current First Time Home Buyer tax credit through April 2010. It also increases the qualifying income level to $125,000 for individuals and $225,000 for joint filers.
The bill will be expanded to allow qualified homeowners to move up to middle-market homes that cost no more than $800,000. However, be aware that the specific qualification for current home owners have not been released. We are hearing that they may have to increase in value by a certain percentage. The tax break for current home owners is said to begin December 1, 2009.
I will pass along more news as we receive it.
For an up to the minute list of homes on the market in your price range and neighborhood, give me a call/email/facebook/twitter and Iwill be happy to send you a customized search.
Happy House Hunting!
bobby verenna
keller williams, dtc
303.995.8786
follow me on twitter: bobbyindenver
