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Update on Homebuyer Tax Credit
September 18, 2009
Matt Isleib
The National Association of Realtors is presently lobbying Congress with a full court press to extend the 1st time home buyers tax credit. The extremely successful tax credit which Congress enacted to help prop up the devastated real estate market is due to expire on November 30th. To clarify, if you qualify for the tax credit your purchase needs to close by the 30th of November.
Presently there are limitations to qualify for the $8,000 tax credit. You need to be a first time home buyer which is defined as never owning a home previously or not owning a home within the last three years. There are also income limitations to qualify which are $75,000 for a single person and $150,000 for a joint couple.
In the previous months real estate sales have been up mostly in part due to the looming deadline of the tax credit. The National Association of Realtors is looking to get the tax credit extended into next year and remove the income limitation.
It would be in Congress’s best interest to extend the tax credit but only time will tell if that happens and seeing as the deadline is November, 30 LoanClassroom will be updating this info as soon as we get any new info.
2 Comments to 'Update on Homebuyer Tax Credit'
September 24, 2009
Hi!
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October 29, 2009
[...] deadline to take advantage of the first time home buyer tax credit is approaching quickly. In my previous post I mentioned that the NAR (National Association of Realtors) was lobbying Congress to extend the [...]
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