First Time Home Buyers Tax Credit Extended?

Great New Antelope Valley Buyers!! It is likely that Congress will extend the deadline of the First Home Time Buyers Tax Credit to June 30, 2010. This compromise proposal could also open up the program to qualifying existing homeowners as well.

Currently, First Time Home Buyers and Buyers who have not owned a home for 3 years can claim up to $8,000 if they close escrow by November 30, 2009.

The proposal’s expansion would also allow existing home owners who have lived in their home for 5 years, claim up to $6,500 if they trade up to a larger principal residence.

Single buyers would have to earn less than $125,000 per year and married couples would have to earn less than $225,000 per year. To qualify, the new home must be priced under $800,000 and close escrow by June 30, 2010. The majority of buyers looking to purchase a new home in the Palmdale and Lancaster area will most likely meet this criteria.

Since these bills have already been introduced, they could pass the Senate as early as this week. This comes as a big relief for frustrated buyers who are facing multiple offers on the limited number of home on the market. Many are scrambling to meet the current deadline.

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