Bold Real Estate Group

First time Homebuyers Tax Credit will be renewed until April of 2010!!!!

Senate Democrats have recognized the tremendous value of the First Time Homebuyers Tax Credit.  At this time, it is believed that the credit will allow anyone purchasing (even if the property is not closed) a home by April 30, 2010 to participate and receive the full credit available. The credit will be continued (but reduced by 2% each 90 days) through the end of 2010! The credit will be slightly lessened, but it will be renewed and this extension should allow the market to continue to recover into and through next summer’s selling season.

The credit will also be expanded to include so-called step-up buyers who have lived in their current home for at least five years. The credit would be cut slightly to a $7,290 cap. Income eligibility for first-time home buyers would stay the same, but it would rise for step-up buyers to $125,000 for individuals and $250,000 for couples.