For weeks there has debate on whether or not this program would be extended for first time buyers. It looks as if the program has support to continue, though it has not been brought to a vote as of yet.
Today the Senate has announced plans to extend the credit until April 30 while expanding it to include higher-income Americans and some who already own homes. The current creit applies to individuals who earn 75,000 or less and couples who earn $150,000 or less, the new plan would raise that to $125,000 and $225,000 respectively. Another addition to the bill would give a $6,500 credit for home buyers who have lived in their prior residence for at least 5 years.
The Obama Administration fully supports this recommendation and they are hoping to see it come to a vote in the coming days. We will let you know if this comes to pass.
Posted by Randy Ratchford/Randy can be reached toll free 877-627-9211 ext.107 or email RRatchford@HorizonFinancial.org
