Homebuyer tax credit set to be extended and expanded
Yesterday, the House of Representatives voted to pass an extension and expansion of the First-Time Homebuyer tax credit. Now, all that's needed is for President Obama to sign on the dotted line today and the $8,000 credit will be in place until April 30, 2010 (instead of expiring at the end of this month). Plus, it won't be exclusive to first-time homebuyers anymore - which should hopefully squelch the ugly practice of using kids' identities to get around red tape.
Anyone who has owned a home within the last five years will receive up to $6,500. But, no house flippers need apply: If you sell the place within three years, you're going to have to pay it all back, bloomberg.com reports. But eligibility cut-offs have been raised to $125,000 for individual homeowners and $225, 000 for married couples, opening the credit up to more people.
So, does anyone out there think that these changes may motivate them to take the homeowner plunge?
Posted by Natalie Rodriguez | Categories: News | Permalink
(1) Comments
these government hand-outs are really, truly getting ridiculous... you folks do realize where the 'money' is coming from, right?...