The Tax Credit extension was officially signed into law over the weekend. With over 36% of all home sales in 2009 involving the tax credit, proponents assume that the extension will continue to drive home sales. Realtor® Magazine went as far as to estimate that the extension will drive another $22 billion into the economy. Over 2 million people have used the tax credit so far.
The new deal: Contracts have to be signed by April 30 and close by June 30, Income limits have been increased to $125k for individuals and $225k for couples, homeowners who have been in one home for 5 out of the last 8 years are eligible for $6250, home price cap is $800k, and first-timers still qualify for $8k.
For more information you may visit this useful link below:
http://www.federalhousingtaxcredit.com/home.html
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