Many of the top Democrats and Republicans expressed support this week to extend or expand the soon-to-expire buyer tax credit.
Most agreed to extend the $8,000 first time home buyer tax credit. Additionally, they plan to expand a $6,500 tax credit to home owners who have been in their home for at least 5 years if they purchase a new primary residence. This is very big news for buyers who thought that ship sailed!
They will also consider making the tax credit available for individuals making up to $125,000/yr and couples making $250,000/yr. This is up from $75,000 and $150,000 respectively. Sweet!
The extension and improvement of the tax credit has a ton of support but still needs to be signed. It's not a done deal yet!!
