Homebuyer Tax Credit Plan Agreed to by U.S. Senate Democrats
Below are the Highlights:
1) It would allow homeowners to qualify for a $6,500 credit if they have lived in their residence for five years. In addition they wouldn’t have to be first-time home buyers.
2) The income limits will go up to individuals earning up to $125,000, or $250,000 for couples, up from $75,000 for individuals and $150,000 for couples under the current law.
3. The new plan would extend the credit which is due to expire Nov. 30. The home purchaser would have to be under contract by April 30, 2010. The purchaser would be allowed another 60 days to close the escrow to get the credit.
Check out the link below for additional information:
http://www.bloomberg.com/apps/news?pid=email_en&sid=a6e4fQQHzg6U
This is great news for many, many people especially those who are in a short sale and still waiting for bank approval. I would still encourage buyers to continue to work towards finding a house now because they will be able to apply to for tax credit in only a few months. Buyers who wait will have almost 9 months before they are able to touch their tax credit. Another factor to consider is that the winter months are traditionally the slowest sales months. Finding a house now could give buyers more opportunities to negotiate price and terms.
Search for all the homes for sale in San Diego at
www.SanDiegoForeclosureGuide.com
Thanks
Janet McCarthy
858-243-5719
