Home Buyer Tax Credit Passes Senate 98-0!

Large group of successful people celebratingThe Senate voted today 98-0 to pass the HR 3548.  HR 3548 is a bill  that extends unemployment benefits for an additional 20 weeks and contains an amendment that extends the existing $8,000 First Time Buyer Tax Credit and adding a tax credit for Move Up buyers!

Here is what we know:

  • The Tax Credit Extension allows eligible buyers to claim the credit if their contract is written prior to April 30, 2009 (contracts must then close within 60 days).
  • First Time Buyers (being defined as buyers who have not owned primary residence within the past 3 years) are eligible for up to $8,000.
  • Move Up Buyers (being defined as people selling a primary residence who have owned that home for at least 5 years) are eligible for up to $6,500.
  • The income limits are raised, making single buyers earning less than $125,000 per year and married buyers earning less than $225,000 per year eligible.

Yes - Successful business man jumpingThe bill now must pass the House, with Speaker Pelosi stating she may bring it to a vote as soon as tomorrow, then the final approved bill must be signed by President Obama.  Can it still derail?  Maybe, but I doubt it.  A 98-0 vote is a pretty strong statement of support.

The passage of this legislation will continue to aid the housing market recovery and the addition of a credit for move up buyers will create some much needed in the higher price ranges.  Congratulations America, the recovery continues!

I’d like you to be part of the conversation, so if you like what you read here please, comment, forward The Lancaster Connection.com to your friends, subscribe and as always, if you have questions, need real estate advice or want to buy or sell a home, you can call or text me at 717-371-0557, email me at Jason@JasonsHomes.com or contact me at the office at 717-490-8999!

Your Friend in Real Estate,

Jason Burkholder

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