Congress Votes to Extend and Expand the Homebuyer Tax Credit

Congress has passed, and President Obama has signed, legislation to extend and expand the homebuyer tax credit.  The agreement on the extension and expansion of the credit is as follows:

    

 

• The credit is available for homes purchased before May 1, 2010. Prospective purchasers with binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction.
   
• The credit amount remains at $8,000 for first-time purchasers. There was no change to the definition of a first-time purchaser.
   
• There is a new $6,500 tax credit for current homeowners who purchase a new or existing home between November 6, 2009 and April 30, 2010. Repeat buyers must have lived in their homes consecutively for 5 of the previous 8 years.
   
• Income limits for first-time and repeat buyers are expanded to $125,000 on a single return and $225,000 on a joint return. The credit decreases for single buyers who earn between $125,000 and $145,000, and for couples earnings between $225,000 and $245,000. Home buyers earning more than the maximum qualifying income -- over $145,000 for singles and over $245,000 for couples -- are not eligible for the credit.
   
• New anti-fraud limitations are imposed.

 

About Hemant Naphade

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Hemant Naphade

I have a Master's Degree in Computer Applications(1987-1990).  Started my computer career  with A. F. Ferguson, one of the biggest Management consulting firm in India. Worked with BAAN in Netherlands before coming to the US in July 1993 as Software Engineer. President/Owner of a successful software consulting firm "Accolade Business Consultants, Inc."  from 1997 - 2002. Got into Real Estate in 2001. Multi-Million dollar producer every year since becoming a REAL ESTATE AGENT. Currently Principal Broker/Owner of Choice 1 Real Estate.

Highlights 

• 		Richmond Association of Realtors Distinguish Achiever Award "EMERALD" for 2006  AND "RUBY" (Highest Award)  FOR 2005.
  		100 percent customer satisfaction.
  		Top 1 percent Real Estate Agent in Richmond.
  		Specializing in both as listing (Seller’s agent) and buyer’s agent.
  		Specializing in New homes, Investment and commercial properties.
  		Will help you in every step of Real Estate transaction from Financing, Inspection.... to closing.
  		Want to sell your house quickly? Call me to get a free Comparative Market Analysis (CMA) of your Area.
  		SOLD more than 50 million worth of  houses so far and going strong.
  		Real Estate is  all about Location..Location..Location. I will help you buy the RIGHT HOUSE at the RIGHT PLACE at the RIGHT PRICE.