There is much talk and conjecture about the home buyer tax credit. Here is the latest update as per WBAL news:
WASHINGTON -- Missed out on Cash for Clunkers? Congress has another deal for you: Buy a home before May 1 and collect up to $6,500 from the government. If you're a first-time homebuyer, get up to $8,000.
As part of the government's efforts to encourage people to spend money to help revive the economy, the House voted 403-12 Thursday to expand a popular tax credit for homebuyers. The bill, which also extends unemployment benefits and expands a tax break for money-losing businesses, now goes to President Barack Obama, who plans to sign it
Friday.
First-time homebuyers have been getting tax credits of up to $8,000
since January as part of the economic stimulus package. But with that housing program scheduled to expire at the end of November, the House voted to extend it into the spring -- and to expand it to many people who already own homes.
Buyers who have owned their current homes at least five years would be eligible, subject to income limits, for tax credits of up to $6,500.
First-time homebuyers -- or people who haven't owned homes in the
previous three years -- could get up to $8,000. To qualify, buyers have to sign purchase agreements before May 1 and close before July 1.
To qualify there will be income limits but they have not yet been disclosed....stay tuned!