Florida First-Time Home Buyer Tax Credit… Extension or Extinction?
The Florida First-Time Home buyer Tax Credit may soon be known as the Home Buyer Tax Credit… being opened to non-first time buyers… but here is what needs to happen. [Enjoy]
The Florida First-Time Home Buyer tax credit is on the verge of extension. While it is not yet through he entire process, the momentum seems to be behind the extension of the Florida First-Time Home Buyer Tax Credit until April 30, 2010 if it makes it to the President and is signed. If nothing does change the tax credit is going to evaporate on Nov. 30, 2009.
Noteworthy changes between the current tax credit and the proposed tax credit are:
- Yes, the new deadline would be April 30, 2010 to be eligible, but unlike in its current form where one must close by that date – the new version would only require you to be under contract by then. This is fabulous news since that is what the home buyer can control – not how long it takes to close. That being said – it is not open ended… you then have 60 days in which to close.
- There is also a possibilty that the tax credit would be opened up to non-first-time buyers. It looks like non-first time home buyers could be eligible to receive a $6500 credit.
- Income limits are also possibly effected. Right now to receive the full benefit, the income limits are $75,000 and $150,000 for single/married income earners [respectively]. That may jump to $125,000 for singles [not sure the what the married number is as of now.]
Read more about the Significance of the Home Buyer Tax Credit Extension and Changes and understand that as this gets enacted, it will get crazy busy for folks in the industry, so it is of vital importance to let those you care about know about this blog post so that they can get the groundwork done before it gets nuts!
Chris Brown
Orlando Mortgage Pro
Direct: 407 – 377 – 0500 x 210
Chris@OrlandoMortgagePro.com
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