President Obama signed legislation to extend the $8,000 home buyer tax credit for first-time buyers and add a $6,500 tax credit for repeat buyers who have lived in their home for five of the previous eight years. Income limits are expanded to $125,000 for individuals and $225,000 for joint filers. Households who have binding contracts in place by April 30 will be allowed an additional 60 days to complete their transaction. The legislation places an $800,000 cap on the home sale price. The legislation was included in a broader bill to extend unemployment benefits.
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Posted by Wendy Martinenas – www.wendymrealestate.com