Thomas Marchbanks
RE/MAX Elite
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First Time Home Buyer

It's Official...Obama Signed the Extension and Expansion of the Tax Credit Bill.  On Wednesday, November 4th, 2009, Congress nearly voted unanimously for The Unemployment Compensation Extension Act which included an amendement that extends and expands the Home Buyers Tax Credit.  President Obama signed the bill today, Friday, November 6th,2009, setting it into effect.

So, here's the deal.......

The original tax credit of $8,000 which was to expire on November 30th, was available to first time homebuyers (defined as an individual who has not owned a home within the last 3 years).

The new bill centers on extending the popular $8,000 credit for first-time homebuyers that was included in the stimulus package.  The credit will be available through next June as long as the buyer signs a binding contract by the end of April 2010.  It also increased the income limits from $75,000 for an individual and $150,000 for married couple, to $125,000 and $225,000 respectively. 

The program has also been expanded to include a $6,500 tax credit for existing homeowners who buy a new place after living in their current residence for at least five years. 

Remember, this is a tax credit.  This means that if a first time homebuyer were to expect a tax refund of, say, $1,000, they would actually receive a tax refund of $9,000.  The extension for the first time homebuyers, along with the inclusion of the tax credit of existing homeowners will hopefully persuade more people to dive into the Memphis real estate market again. 

If you have questions feel free to contact me at 901.335.6688 or via email at tmarchbanks@marchbanks.comYou can also download breakdown of the tax credit provisions and frequently asked quiestions here http://www.maar.org/pdfs/revised_tax_credit_info_110509.pdf
For more information on how I can assist you as a first time homebuyer, go to my Buyers Page.

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