$8000 Tax Credit Extension is Approved

Grand Rapids Real Estate Market Update

The $8000 First Time Home Buyer Tax credit was approved and is now on the President’s desk for signatures. This current extension does have a few changes, for the better in my opinion. For first timers, the $8000 tax credit is extended until April 30th, 2010. The major addition is a $6500 Tax credit for existing home owners. Effective the day of the signing, this gives current homeowners, that have owned their current home for more than 5 years, a credit and incentive to move up or sell their home.This is nice for homeowners to help with their closing costs. Income limits have also been increased to $125,000 single or $225,000 married and you can claim this credit on any home up to $800,000 in price.

Many people have used this tax credit to help with their home purchase and it has helped the market recover, so this latest extension is welcome. Here is a list of Tax Credit Highlights.

For more information about the Grand Rapids real estate market, visit my website at GRRealEstateInfo.com or contact me any time.

$8000 Tax Credit Extension – Grand Rapids Real Estate Market Update

The Senate is working on extending the $8000 Tax Credit to April 2010. Many buyers took advantage of this credit this year and many are rushing to make it under the current November 30th deadline. This has been a very nice benefit for first time home buyers and buyers who have not owned a home in the last 3 years. Eligible homebuyers will get the full $8000 dollars if they close before April 2010. The amount of the credit will then decrease by $2000 each quarter until it expires at the end of the year (2010).

In this bill, they are also looking into increasing the income limit. We’ll just have to wait and see the final outcome, we all know how these things seem  to change very rapidly in DC. For more information or to search for homes, visit my website at GRRealEstateInfo.com or contact me anytime.