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$8,000 First-Time Homebuyer Tax Credit Extended!
November 06, 2009, by RE/MAX InsightToday, President Obama signed into law legislation extending and expanding the $8,000 first-time homebuyer tax credit. The National Association of Mortgage Brokers (NAMB) strongly advocated for an extension and expansion of the homebuyer tax credit, and considers this a victory for consumers, the housing industry, and NAMB.
Under the legislation, homebuyers will qualify for the tax credit until April 30, 2010 (as long as they have entered a binding contract), and have an additional 2 months (until June 30, 2010) to close the transaction. Borrower income limits have also been increased to $125,000 for individuals and $225,000 for couples (up from $75,000 and $150,000 respectively under the current program). The legislation also includes a tax credit not exceeding $6,500 for move up buyers who have owned their current homes for at least 5 years.
Source: MAG Mortgage Corp., http://www.maghomeloan.com (from NAMB Legislative Alert notification)
For more information, please see http://www.remax.com/LearningCenter/ArticleViewer.aspx?id=27.
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