Its Official: $8,000 Home Buyer Tax Credit and New $6,500 Bonus Kicker Law to be Passed for 2010
The Senate this week passed an extension of the $8,000 Home Buyer Tax Credit for new home buyers and added on as a "kicker" to the plan a $6,500 bonus for those who are buying a new home and have lived in their old home for 5 of the 8 previous years. From everything that we are hearing and reading, The House of Representatives is expected to pass this new bill and the White House has also given every indication that they will sign it once they receive it. So what does it mean to us here in the Santa Barbara area? Here are the details...
- First Time Home Buyers: This we have already learned and it is simply an extension of the $8,000 home buyer tax credit to contracts signed by April 30 and closed by June 30, 2010. As we all had read and heard, this bill was set to expire at the end of November 2009. To be considered a "First-time home buyer", you technically are not to have owned a residence within the past three years.
- Current Existing Homeowners: $6,500 credit for those who buy a new home here in the coming months and have lived in your current house at least five of the last eight years.
- Time Line: Contracts signed by April 30, 2010 and closed by June 30, 2010.
- Home Requirement: Principal residences priced at $800,000 or less.
- Income Limits: Single $75K to $125,000, Joint filers $150K to $225,000.
- $729,750 Conforming Loan Limit Extended into 2010
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For information on Real Estate here in Santa Barbara, Montecito and/or our surrounding areas, as well as any other aspects of life in our area, please don’t hesitate to contact Kevin Schmidtchen at Sotheby’s Int’l Realty. Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts. Subscribe to Receive Personal Listings of Santa Barbara Real Estate Search The Santa Barbara Area MLS