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Real Estate Blog & Resources

$8000 Tax Credit Extension for Home Buyers Coming

According to reports, it looks like there may be an $8,000 tax credit extension for home buyers. Several of the top Democrat and Republican United States Senators are voicing their opinions about the $8000 Tax Credit Extension for home buyers, and it looks like it may pass with approval.

While an actual vote on the $8000 Tax Credit Extension for Home Buyers may be delayed until next week, estimates are that the recent $8000 tax credit for home buyers has been extremely successful: apparently it has already generated over four hundred thousand additional home sales that we would have not otherwise seen. And that's if the program actually officially ends at the end of November.

If the $8000 Tax Credit Extension for Home Buyers is extended and expanded, it will continue to help the ever-so-fragile housing market in the United States. This $8000 Tax Credit Extension for Home Buyers will mean that the program, that was to end at the end of November, will be extended through April of 2010, giving home buyers additional time in order to purchase a home.

In a supposed "compromise" agreement reached today, there will be an $8,000 tax credit extension for first-time home buyers who sign a home contract by the end of April 2010 and actually close the deal by the end of June 2010. What's also included in the $8000 Tax Credit Extension for Home Buyers agreement is a new $6500 tax credit for those who purchase a home for at least 5 consecutive years out of the past 8 years.

Also, if the $8,000 tax credit extension is officially adopted and "signed" by the US Government, there would be a raise of the income limit to $125,000 a year for individuals and $225,000 for married couples. In comparison, currently, the income limits for the current $8000 Tax Credit for home buyers (the one that expires at the end of November), are $75,000 and $150,000, respectively.

This is great, welcome news for the housing industry, which will definitely benefit from this new $8000 Tax Credit Extension for Home Buyers if it's officially passed. We'll keep you posted.