Tax Credit News

It looks like the first time homebuyer tax credit extension is sure to pass.      Under this new legislation, current homeowners could also qualify for up to $6,500 if they have lived in their home for 5 of the last 8 years.   The maximum income limits are  also said to increase from $75k  for individuals and $150k for married couples to $125k and $225k respectively.  This has the potential to stimulate a lot of sales activity in the next 6 months- and I do mean A LOT.     The deadline for the new extension requires that buyers must be under contract by the end of April, but they will also be allowed a full 60 days for closing to take place.  
 
I predict a lot of people trying to scramble for their last chance at the tax credit and attempting to fraudulently back-date contracts in May and June. I am curious if anything will be done to prevent that, and I’m looking forward to seeing how all of this shakes out.    
 
Here are a few other blogs and articles about the most recent developments: