Great News! Buyer Tax Credit Extended!

The U.S. Senate and House of Representatives passed a bill, this past Thursday, that includes an extension and expansion of the current home buyer tax credit. The bill would extend the present $8,000 tax credit for first-time home buyers through April 30, 2010. Current homeowners are eligible for a $6,500 tax credit through April 30, provided they have lived in the home they are selling, or have sold, as principal residence for five consecutive years in the past eight years. If potential home buyers have a binding contract on or before that date, they will have until July 1 to close the transaction.

Income limits for eligible home buyers are expanded to $125,000 for single buyers and $225,000 for couples. The purchase price of the home cannot exceed $800,000. To help guard against fraud, buyers are required to attach documentation of purchase to their tax return.

This is a great boost for the Real Estate Market, giving buyers a great incentive to purchase their next home by Spring 2010.

If you are interested in taking advantage of this great tax credit, and want to see what properties are available in the Picayune and Pearl River County areas, please go to www.prchomes.com to search the database for what’s available on the market today!