Last week Congress (finally) passed the extension to the first-time buyer bill! It's now on it's way to be signed by President Obama. We have eagerly been waiting on this bill all Summer, so it's great that this bill (compared to many others) was processed just in time! Here are some stats of how the new bill will extend benefits:
- The tax credit will be extended through April 30, 2010 with a 60- day extension if a binding contract is in place prior to the deadline.
- First-time home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a reduced credit of up to $6,500.
- An increase in the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000.
- The purchase price of the home was extended to cap at $800,000.
Before, it was questionable whether shoppers in the Santa Barbara area would be able to reap any of the tax-credit benefits due to higher home prices and incomes. With these generous extensions, Californians and Santa Barbarans may be able to utilize the same credits that have helped thousands of Americans successfully buy their first homes!
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