Update on the Tax Credit Extension:

I have received multiple phone calls and emails on news that the $8000 Tax Credit has been extended.   As of now, it has not been extended, but here is what I know....

A Senate committee reached a compromise yesterday to extend the credit, and also tacked on a $6,500 tax credit for other primary-home purchasers and raised the qualifying income limits to $125,000 for single taxpayers and $225,000 for joint taxpayers. Under the Senate panel compromise, buyers must have sale agreements in hand by April 30th, but they will have until June 30th to go to settlement. There are many more details soon to unfold.  The measure still faces votes in the full Senate and the House.   We are hearing rumors that they plan to meet tomorrow but we don’t know for sure. I do believe that some sort of home buyer tax credit will pass through the Senate and the House but as to the details, only time will tell.  

 
As always, I promise to be your source of accurate and valuable information and will continue to monitor the extension through my sources.

Closings: If, by some chance the tax credit does not get extended I am accepting Executed home purchase contracts through next Tuesday for First Time Home Buyers that are needing to get closed prior to the expiration of the current tax credit on Nov 30th, provided that we have permission to immediately order the appraisal, we have 100% of the buyers documentation asked for (W2s, pay stubs, bank statements) and it is not a USDA or Bond Program.

Questions?

Call me at 206-909-3930

Have a blessed day!
Michelle

Comments

[jennalee]

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