Homebuyer tax credit one step closer towards being extended. Go U.S. Senate!

Posted by ChicagoismynewBlog! on October 31, 2009

Senators agree to extend homebuyer tax credit

Set to expire at end of November, plan will remain until end of April

updated 5:56 p.m. CT, Wed., Oct . 28, 2009 //

WASHINGTON – Senators agreed Wednesday to extend a popular tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers.

The tax credit provides up to $8,000 to first-time homebuyers but is set to expire at the end of November.

Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.

The tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, said a congressional aide, who spoke on condition of anonymity because he was not authorized to publicly discuss the deal….

Check out the full MSNBC article and some cool interactive graphics by clicking HERE!  Now, I do need to stress that althought we are one step closer towards extending the tax credit, it has NOT been voted on and approved.  This means that if you were on the fence about buying a home, still go ahead and do it!


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