Obama's extended first time home buyer tax credit was passed just moments ago!!! There have been a few enhancements to the first time home buyer incentive program. The Home buyers Tax Credit jumped its last hurdle yesterday, as the both the House and the Senate have passed the bill and it now has received the official signature President Obama! The House voted 403-12 after the Senate unanimously approved the measure Wednesday night. The president also signed the bill that will extend unemployment benefits.
And while we have been expecting this to happen for some time and have given you many details, let’s go over them one more time. For First Time Home-buyers or those who have not owned a home within 3 years, the tax credit remains at $8000, with income restrictions maxing out at $125,000 for singles and $225,000 for couples. Current homeowners – those defined as having owned a home for five of the previous eight years – can now also take advantage of a credit, with the slightly lesser amount of $6500, with the income restrictions the same as described above. To qualify for the new program, purchase agreements need to be signed by April 30th and close by June 30th. For those in our armed forces, persons stationed outside the United States on official duty for 90 days during the period from January 1st 2009 and before May 1st 2010 will have eligibility extended for binding contracts signed before May 1st, 2011 and closed before July 1st, 2011.
This legislation is significant, and will give the housing industry the additional support we need to keep the real estate recovery going.
There are still many great loan programs out there for first time home buyers. USDA rural housing loans and FHA loans are an excellent and extremely affordable way to take advantage of the home buyer tax credit regardless if you are a first time home buyer or if you are looking to purchase a primary residence.
If you or a friend missed out on the first tax credit, then you have been given one last chance to take advantage of a fantastic opportunity to put a little extra cash in your pocket, purchase a home at an incredible discount, and obtain a mortgage with interest rates at some of the lowest levels in history. If you would like to see if you qualify for Obama's extended first time home buyer tax credit, then APPLY NOW or give me a call.
Jusitn Messer | Northstar Mortgage Group