Do I Qualify For The Home Buyer Credit Extension

If you haven’t heard yet, the first-time home buyer tax credit that Barack Obama put into motion has been extended until April 30, 2010. This is a welcome sign to any first-time homebuyers that missed the original date of December 1st, 2009. Not only is a good for first-time home buyers, it also shows great promise for those that have owned real estate in the past. The tax credit has been extended and also enhanced and this is a great sign that the housing market may receive even further stabilization from this extension.

With get into details about the extension of the first-time home buyer tax credit. Sen. Johnny Isakson from Georgia propose the home buyer tax credit act of 2009 on June 10. The original plans was to have a $15,000 home buyer tax credit that later changed into the $8000 tax credit that we see today. The extension to this bill was signed into law just last week.

Now you can qualify for the $6500 credit if you have lived in your previous home for five years. This story was broke by Reagan Lachapelle, who is in aid to Harry Reid. This new enhancement of the bill really opens up the potential for how many consumers can execute advantage of it.

lawmakers decided that they really need to act even more than a half to prevent home prices from slipping any further because it has been one of the worst drops in our nations history dating back to the times of the Great Depression.

There’s also been some extensions to the incumbent limits of those two qualify. 75,000 250,000 used to be the income limits and novels have been changed to 125,000 to 250,000. Again, this opens the door for quite a few more people to qualify for the tax credit which will hopefully stabilize the whole market even more.