H.R. 3548 is still awaiting the President’s signature but this is great news for those who have been waiting to purchase or who have not found the right home yet!
Here’s the highlights:
1) First-time homebuyers – or anyone who hasn’t owned a home in the last three years – would still get up to $8,000. To qualify, buyers have to sign a purchase agreement by April 30, 2010, and close by June 30.
2) Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. (Nice push for trade up/down)
3) The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000. (Significant increases above current regulations)
Note again, the credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible.
Courtesy of Shamrock Financial