Today (October 28, 2009), Senate Majority Leader, Harry Reid, reached an agreement with key senators to extend the tax credit. According to the deal that has been reached, the existing tax credit will be extended to April 30, 2010. Buyers must have sales agreements in hand by April 30, but they will have until June 30 to go to settlement. The measure still faces votes in the full Senate and the House before final approval.
First-time home buyers would continue to get an $8,000 credit.
Also eligible for a tax credit are repeat buyers of primary residences! Repeat buyers of primary residences would be eligible for a credit of $6,500! To qualify, current homeowners must have lived in their primary residence for five continuous years.
The credit would be available for individuals making up to $125,000 a year and couples up to $225,000.
There are still some unrelated issues that will delay the announcement for a couple weeks!
Have you been wondering if it was possible to buy your first home or move up to a larger home?
Mike Malvey, RE/MAX Advanced, 970-420-7235
I work exclusively in Fort Collins, Colorado and the immediate surrounding area.
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