Yesterday, the U.S. Senate voted (98-0) to pass a bill which extended and expanded the federal homebuyer tax credit. Today, the U.S. House of Representatives did the same (403-12). It's now on its way to the President for his signature which is expected to happen as early as tomorrow!
To summarize:
Amount: Up to $8,000
Who: First-time homebuyers -- same definition as current law
Amount: Up to $6,500
Who: Repeat purchasers. Must have used previous home as a principal residence for 5 of the 8 previous years.
Income Limits: $125,000 for single filers/$225,000 for joint filers. Same for both first-time and repeat/move-up buyers.
Time Frame: December 1, 2009 to April 30, 2010
(also includes a 60 Day extension if binding contract is in place by April 30, 2010)
Limitation on cost purchased home: $800,000
Anti-fraud measures have been added.
DANIELLE BLAKE
Vice President of Housing and Government Affairs
(RAMB) Realtor Assoc. of Greater Miami & the Beaches
700 S. Royal Poinciana Blvd.
Miami, Florida 33166
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