As of a few days ago the home buyer tax credit seemed doomed. It would appear that the NAR and the home builders have done some serious lobbying because now it looks like it is going to be extended AND expanded.
Snagged from Calculated RiskFrom Bloomberg:
Senate Close to Deal Replacing Homebuyer Tax CreditThe details:
Income eligibility for first-time home buyers stays at $75,000 for individuals and $150,000 for couples.
For move-up buyers, income eligibility is $125,000 for individuals and $250,000 for couples.
There is a minimum 5 year residency requirement in their current home for move-up home buyers.
The tax credit is the lesser of $7,290 or 10% of the purchase price.
The credit runs from Dec. 1, 2009 to April 30, 2010, with an additional 60 day period to close escrow. (So end of April to sign contract, end of June to close escrow)
Expect bill to be signed by Friday.I guess I should be happy (since I will qualify for a credit under these terms), but I don't. It makes me feel all dirty like I just had sex with a cheap hooker..... (not that I've ever had sex with a cheap hooker btw).