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Our main blog has been moved to chicagonow.com/getting-real
but we occasionally post articles here as well.

Home Buyer Tax Credit News!

October 29th, 2009 by Sari Levy

While the passing of this credit is still to come,according to the Wall Street Journal,  the Senate  reached a compromise on extending and expanding the $8,000 tax credit for first-time home buyers.  The terms of the new agreement are as follows:

  • Extend the first time buyer credit worth up to $8k (read about the current program)
  • Offer a new credit of up to $6,500 for existing homeowners given the home buyer has lived in their current residence for 5 out of the last 8 years (consecutively)
  • Raise the qualifying income limits to $125k  for single taxpayers and $250k for joint taxpayers (Current is $75k and $150k)
  • Have sales agreements April 30,2010 and close by June 30, 2010

This isn’t a done deal, this agreement still faces votes in the Senate and the House.  Increasing the duration of this program will certainly continue to help sales of homes under $400k.  Adding the credit to existing homeowners should help stimulate the “trade up” market.

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