Post-Nov. 30 Tax Credit: More Targeted

The following is from Edina Mortgage’s Steve Mohabir, City Lakes’ excellent, in-house loan officer:

Good morning Lakers,

There has been some encouraging news on the extension of the $8000 tax credit. However, it is NOT a done deal, as it still must be reconciled between the House and Senate and then voted on for final approval.

It is not only looking good for the extension, but there are some additional enhancements to the credit in the works as well. Yesterday, the Senate reached an agreement to extend the $8000 tax credit for first-time home buyers. They also added a $6,500 tax credit for other primary home purchasers, meaning that it is not just limited to first time home buyers.

They also raised the qualifying income limits in a very meaningful way — singles were increased from $75,000 to $125,000, and joint taxpayers from $150,000 to $250,000. Buyers must have executed purchase agreements in hand by April 30th, and then will have until June 30th to close.

More details are likely to come, and changes could be made as reconciliation and voting takes place.

Please feel free to call Steve (612-925-7755) directly for more info . . . .

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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