The Tax Credit for first-time home buyers was supposed to expire in a few weeks, but Congress has extended it as part of the government's effort to reinvigorate the housing industry and the real estate industry is taking notice, according to
KOMO News.
If it weren't for the Tax Credit, 350,000 buyers wouldn't have bought their homes. This is the second time Congress has extended the credit and it may expand to people who already own homes.
First-time buyers can get a credit for up to $8,000 and buyers who owned their current home for at least five years are eligible for up to $6,500 based on their income. But to qualify, you must sign a purchase agreement before May 1 and close before July 1. President Obama is expected to sign the new bill tomorrow.
Read the full article at
KOMO News, by clicking
here.
