According to this report, the first time home buyer tax credit legislation with be expanded to include certain qualifications of move up buyers.
From Calculated Risk blog:
The details:
- Income eligibility for first-time home buyers stays at $75,000 for individuals and $150,000 for couples.
- For move-up buyers, income eligibility is $125,000 for individuals and $250,000 for couples.
- There is a minimum 5 year residency requirement in their current home for move-up home buyers.
- The tax credit is the lesser of $7,290 or 10% of the purchase price.
- The credit runs from Dec. 1, 2009 to April 30, 2010, with an additional 60 day period to close escrow. (So end of April to sign contract, end of June to close escrow)
- Expect bill to be signed by Friday.
Another report earlier in the day from Simon Johnson and James Kwak in the Washington Post argues that this tax credit is
throwing good money after bad and making unaffordable homes temporarily affordable.
