Hold on to your hats…good news for FIRST TIME & NON FIRST-TIME ORANGE COUNTY HOME BUYERS!
The House of Representatives has approved legislation that would extend and expand the current first time Buyer credit set to expire November 30. The House vote comes after the Senate voted yes, on Monday and while there is more work to be done, word has it that an agreed upon bill should reach the President for signing by the end of the week.
Under the proposal, individuals with incomes of up to $125,000. and couples up to $225,000. would be eligible. The extension would cover homes under contract by April 30, and closed by June 30, 2010. The tax credit also will be expanded to non-first time buyers but the credit will be reduced from $8,000 to $6500 for non-first time buyers and they must not have owned a home for at least 5 out of the past 8 years. Remember, this is not finalized, and even if approved, it could contain further changes.
This is especially noteworthy to Orange County home buyers. Why? Our current prices won’t last forever. This development is expected to motivate move-up buyers who have been sitting on the fence.
Call me at (949) 644-8868 for more details and updates on the tax credit extension.
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