>After being passed through the House and Senate, President Obama has signed the new bill extending and expanding the homebuyer tax credit today. The new bill extends the $8,000 tax credit to first-time homebuyers for seven months, but will also provide $6,500 for previous homeowners. In addition, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for full tax credit.
According to Builder Online, the House voted 402-12 to approve the extension and expansion, while the Senate passed the measure 98-0 and as expected President Obama signed the bill today. In order to qualify homebuyers will have to purchase a home on or before by April 30, 2010 and close by June 30, 2010.
The IRS has reported than an estimated 1.4 million people have already applied for the homebuyer tax credit. There are high hopes that the extension and expansion will not only help boost the economy, but will create more jobs and generate even more home sales.
If you’re looking for the perfect time to buy a home, you’ve hit the sweet spot. This is the time you’ve been waiting for. All the right reasons to buy have come together, but this great moment of opportunity won’t last forever. With interest rates increasing, and the extension and expansion of the tax credit through June 2010, you might want to hit the sweet spot – while it’s still, sweet.