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Tax Credit For First Time Home Buyers - Extenison? Looks like it.

by Ashton Gustafson

Great news for those of you still wanting to buy a home and thinking you've missed the $8,000 Tax Credit!!  The Senate voted Wednesday November, 4, 2009 to extend and expand the tax credit to include many buyers who already own homes. 

Buyers who have owned their current homes at least five years would be eligible for tax credits up to $6,500 and the bill extends the $8,000 tax credit to those first time home buyers who haven't owned a home in the last three years.  To qualify, buyers in both groups have to have a signed purchase agreement by April 30, 2010, and close by June 30, 2010.

The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible.  The credit would also be phased out for those folks with annual incomes above $125,000 and for joint filers with incomes above $225,000.

For members of the military serving outside the United States for at least 90 days and more, the credit will extend until June 30, 2011.

This bill is H.R. 3548.

The house is scheduled to vote on this bill today, Thursday, November 5, 2009.  Stay Tuned.....

$8,000 First Time Buyer Credit Good for Wichita Falls Real Estate

by Ashton Gustafson

Many of you have been asking about the $8000 tax credit for first time home buyers. Listen to my Pod Cast this month @ www.talkrealty.com/ashtongustafson . This will give you a better understanding for what the tax credit does and who qualifies.

The Wichita Falls Real Estate market continues to be fantastic, and one to be envied. If you are considering buying and or selling please see both of my sites:

www.TexomaListings.com - Just for Buyers

www.TexomaHomeValue.com - Just for Sellers

If you have any other questions, or want to discuss the market and your real estate future, please call me at 940.224.0881

Displaying blog entries 1-2 of 2

Contact Information

Photo of Ashton Gustafson Real Estate
Ashton Gustafson
The Bishop Realtor Group
1916 N. Elmwood Ave.
Wichita Falls TX 76308
Office: 940-691-7355
Fax: 940-691-7363