New Taxpayer Credit Signed Today

Today, President Obama has signed  law legislation prolonging and expanding the  first-time homebuyer tax credit of $8,000. This is being considered a victory for consumers and the housing industry.

The new legislation allows homebuyers to qualify for the tax credit until April 30, 2010 (as long as they have entered a binding contract by that time), and gives the homebuyer an additional 2 months  to close the transaction. In addition, the borrower’s income limit has been increased.  It will be $125,000 for single purchasers and $225,000 for couples (up from $75,000 and $150,000 respectively under the current program). In addition this bill provides a tax credit not exceeding $6,500 for move up buyers, as long as they have owned their current home at least five years.   This is a whole new category of credit which ought to make many prospective buyers glad!
 
Thanks to Katsumi Masuda of  Seattle Pacific Mortgage, Inc. for providing us with this fastbreaking news.  You can contact him for loan quotes or talk over what your mortgage payment would be for a given purchase price at www.KatsumiMasuda.com.