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New Tax Credit Likely To Pass.Won't Extend Past April 2010

Posted by OReilly and Associates in Dallas-Fort Worth-Arlington, TX on Oct 31, 2009

Looks like the House may approve the first-time homebuyers Tax Credit of $8000 as soon as Nov. 3rd. according to Senate Majority Leader Harry Reid.

Senator Reid says he has scheduled a vote late on Nov. 2 to bring debate on the Tax Credit to a close and open the way for approval by the Senate and then go to the House.

“The House said that they would accept that and that could be done as early as” Nov. 3, Reid said on the Senate floor. That “would be a great relief,” he said.

The Senate announced plans earlier this week to extend the first time homebuyers’ tax credit which expires at the end of November, until April 30. The plan also allows a wider criteria to qualify which will let more people receive the benefit. The new criteria will help some who own their homes already and increase the income rules.

For current home owners, you could receive a tax credit of $6500 if you have lived in you current home for at least five years. The Households with 2 wage earners can earn as much as much as $225,000 and individuals earning up to $125,000 would also qualify. That’s up from the current $75,000 limit for individuals and $150,000 for couples.

The Senate Finance Committee‘ states that the success of the housing market is tied to the American economy. As the housing market recovers so does the overall economy. The first Home Buyers tax crdit has helped to raise the economy by helping to stablize the housing market. Extending the Tax Credit will help a greater number of people on the fence to take the credit.The Senate Finance Committee want to stop home sales slipping while the economy recovers. This is the worst home drop in home prices since the Great Depression.

The Tax Credit has been a success. More than 1.2 million borrowers have claimed $8.5 billion of the $13.6 billion set aside for the homebuyer tax credits this year, according to the Treasury Department. The measure would require those receiving the tax break to remain in their new home for three years. They would have to repay the credit if they didn’t. Those buying homes worth more than $800,000 wouldn’t be eligible for the credit. Lawmakers also said they won’t extend the break beyond April 30.

If you are looking for Foreclosed Homes For Sale In Irving Texas, email Pat OReilly Irving Real Estate Agent. You need to hurry if you are interested in these homes for sale in Irving. These Foreclosures are saling quickly. Go to patohomes to get a Free list of foreclosures in Irving, Dallas Fort Worth and all of North Texas. If you are looking for a Home For Sale in Irving, this is a great time to be a home buyer. Time is running out on the $8000 tax credit for First Time Home Owners. The program ends on December 1st. To qualify for the $8000 Tax Credit you have to close on your home by December 1st. In order to do this you should have a contract into your mortgage lender no later that November 7th.