LATEST ON $8K Buyer's Tax Credit Extension

As reported by Mortgage Market Guide – Daily Market Update by Barry Habib

“Some encouraging news on the extension of the $8,000 tax credit…while it is not a done deal, as it still must be reconciled between the House and Senate and then voted on for final approval, it’s looking good. And it’s not only looking good for the entension, but there are some addional enhancements to the credit in the works as well. Yesterday, the Senate reached an agreement to extend the $8,000 tax credit for first-time home buyers. They also added a $6,500 tax credit for other primary home purchasers, meaning not just limited to first-time homebuyers. They also raised the qualifying income limits in a very meaningful way – singles were increased from $75,000 to $125,000 and joint taxpayers from $150,000 to $250,000. Buyers must have executed purchase agreements in hand by April 30th and then will have until June 30th to close. More details are likely to come, and changes could be mad as reconciliation and voting takes place.”