Updates on Federal Tax Credit Extension
Monday, November 9th, 2009
The President did sign the bill on November 6th that extends the First Time Home Buyer Tax Credit and creates the new Move-up Home Buyer Tax Credit. The National Association of Realtors was a leading force in pushing for this legislation. They put out a Frequently Asked Questions sheet that I believe is very helpful. For example:
The Move-up Home Buyer Tax Credit is available today for buyers that are in escrow and meet the income and ownership guidelines!
I you are a First Time Home Buyer, who is currently in escrow, and meets the other income and ownership guidelines, but your escrow was scheduled to close after December 1st, you are now eligible for the Tax Credit, without any further changes to your purchase or escrow documents.
As more information becomes available, I will pass it along!
