That's a mouth full! In case you haven't heard, that wonderful Congress of ours has just signed the bill to extend the tax credit for home buyers. This will extend the current credit of $8,000 to first time home buyers or those who haven't owned a home for at least three years. However, a new group will also benefit! Buyers who have owned their home for five years or more will be eligible for a tax credit of up to $6,500.
The credit is available for the purchase of principal homes costing $800,000 or less, and will be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.
And good news for those brave people serving our country. The credit will be extended an additional year (until June 30, 2011) for members of the military serving outside the U.S for at least 90 days.
President Obama is expected to sign the bill so fingers crossed that everything goes smoothly! I'm really hoping this will continue to turn around the real estate market and boost the economy. I'm also really hoping that the friendly finger-printing/background checking people will let me know that I have passed so I can get on with this real estate career thing! Times a tickin'.
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