The NAHB (National Association of Home Builders) released the following announcement today . . .

In a major victory for NAHB that will boost the fledgling housing recovery and help struggling business owners nationwide, Congress today approved legislation that will extend the first-time home buyer tax credit beyond its Nov. 30 deadline and expand it to a wider group of home buyers. 

The legislation, which will be signed into law shortly by President Obama, will extend the $8,000 credit for first-time home buyers for sales contracts entered into by April 30, 2010 and closed by June 30. Further, it has been expanded to include a new $6,500 credit for owners of existing homes who are purchasing a new primary residence. An existing home owner can claim the $6,500 tax credit if they have been residing in their primary residence for five consecutive years out of the last eight.

In more good news, the income eligibility limits to claim the full credit amount for both groups of home buyers have been raised from $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return to $125,000 for individuals and $225,000 for married couples.

NAHB’s consumer oriented web site, federalhousingtaxcredit.com will provide complete details on the enhanced home buyer tax credit after the bill is signed into law by the President.

More details on the passing of the legislation can be found on the Washington Business Journal website.   

It’s a great time to buy a home!  Sabal Homes has the community and homestyle that’s just right for you! 

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