Expanded Home Buyer Tax Credit is About to Become Law!
The Senate has overwhelmingly passed an expanded home buyer tax credit, 98-0. Yesterday the House passed the new bill as well!
It now goes to the President, who has supported it and is expected to sign it into law.
The new tax credit bill does several things. First, it will preserve the tax credit for last-minute buyers who are having difficulty getting mortgage approval early enough for settlements before December 1, 2009.
Second, it extends the expiration of the $8,000 First Time Home Buyer Tax Credit for contracts on a principal residence written before May 1, 2010, with settlement taking place before July 1, 2010.
Third, the new bill expands to include a $6,500 tax credit to homeowners trading up who have lived in their homes for 5 out of the last 8 years!
Lancaster County PA first time home buyers who were afraid of missing the previous home buyer tax credit deadline can now relax a bit - and present home owners considering trading up can now get in on the action!
Brian Schulman offers expert real estate representation for buyers and sellers of homes in Lancaster County, PA. To learn more, visit http://www.FindLancasterHomes.com/
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