Senate Reaches a Deal on First Time Home Buyers Tax Credit
Hang on! The roller coaster ride for the extension of the first time home buyer credit may be ending.
Nothing is written in stone yet, but the Senate has reached a deal that the first time home buyer credit of $8000 is to be extended through April, 2010. Along with first time home buyers, the tax credit could be extended to repeat buyers to the tune of $6500. Certain limits, such as a buyer’s income would apply.
The Senate is supposed to vote on the credit extension within the next 24 hours, according to CNBC.
The extension of the home buyer tax credit has been the talk on a lot of real estate and mortgage blogs over the last few weeks.
Any extension better have the proper protections to eliminate and/or reduce fraudulent use of the tax credit. Let’s get that part right this time.
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