H.R.3548, Short title Worker, Homeownership, and Business Assistance Act of 2009 sponsored by Democrat James McDermott of Washington was passed by the House of Representatives late yesterday afternoon (11/5/09) and is expected to receive the approval of President Obama possibly as early as today.
While the bill's focus is the 13 week extension of unemployment benefits it became the obvious vehicle to carry an extension of the Home Buyer's Tax Credit. Highlights of this last minute amendment are below:
> A purchase transaction will qualify for home buyers entering a binding contract before May 1, 2010 with a closing date before July 1, 2010.
> The credit is up to $8,000 for a married couple. ($4,000 individual)
> The original tax credit provision is expanded to include purchasers who have resided for 5 consecutive years (out of the past eight years) in their primary residence to qualify for a tax credit of up to $6,500 ($3,250 individual) on the purchase of a new primary residence.
> Income levels have increased to $125,000 (single was $75,000) and $225,000 (couple was $150,000).
> If the purchase price is greater than $800,000 no credit is allowed.
> Persons stationed outside the United States on official duty for 90 days during the period after 12/31/2008 and before 5/1/2010 will have eligibility extended for binding contracts signed before 5/1/2011 and closed before July 1, 2011.
The National Association of Realtors expects this extension to allow another 2 million purchases to occur before it terminates on 4/30/10.
For more information on this or other mortgage, real estate or credit related questions be sure to email me at Niecie@NiecieDraper.com
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