Now comes a post this morning from the mortgage chatline from someone who apparently has some very detailed information. I will quote it verbatum, again with the understanding that this has not been confirmed but somewhat reliable:
"The Home Buyer tax credit has apparently been extended, and eligibility expanded to include some move-up buyers. Details: Income eligibility for first-time home buyers stays at $75,000 for individuals, and $150,000 for couples. For move-up buyers, income eligibility is $125,000 for individuals and $250,000 for couples. There is a minimum 5 year residency requirement - in their current home - for move-up home buyers. The tax credit is the lesser of $7,290 or 10% of the purchase price. The credit runs from Dec. 1, 2009 to April 30, 2010, with an additional 60 day period to close escrow. (So end of April to sign contract, end of June to close escrow) Expect bill to be signed by Friday, packaged with the unemployment benefit extension."
HOME BUYER TAX CREDIT EXTENSION - NEW WATCH UPDATE
HOME BUYER TAX CREDIT GEORGIA - Lawrenceville GA
Thanks for the post Eric. We have all been on pins and needles watching this.
Thanks for the update. I hope it gets signed and we can pass the word.
Good to know. Thanks for the update.