It was almost like standing in line for the restroom at the packed stadium ... standing on one foot and then the other just praying that the line moves quickly ... so that our Buyers can close those short sales in time to get their $8,000 first time Buyer Credit. With banks and lenders moving glacially slow to approve short sales, and banks demanding more and more information and requirements from Buyers, it was looking very "iffy" for the deadline. However, on Friday the 6th, all that was averted when President Obama signed the bill extending the tax credits to contracts signed by April 30, 2010, and closing by June 30th. Thank you! Thank you!
Also included in the bill was a broadening of the requirements. Now the income limits have been increased to $125,000 per year for individuals and $225,000 for couples. It has still remained at a 10% of the purchase price, however, so it's only an $8,000 tax credit for anyone purchasing a home at a price of $80,000 or more. Some of the mobile homes in parks will only get a 10% credit, depending on their purchase price. The credit, however, also extends to Buyers who purchase an RV as their living quarters ... at 10% of the purchase price.
Additionally, written into the bill is now a $6,500 tax credit for Buyers who've owned their current home at least five of the last eight years. So, we can now include move-up or down-sizing Buyers, too. Now is a great time to buy a house, and with the government allowing us more time to get the transactions closed, it takes the pressure cooker lid off the process. Call anytime for further details.
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