It’s official. President Barack Obama signed the bill that includes an extension and expansion of the popular First-Time-Home-Buyer tax credit. which will now include some move up buyers.
In the coming days, I will be discussing all of the details. In the mean time, here are the details I currently have.
The extension and expansion of the tax credit was included in an unemployement benefits bill that also includes assistance for businesses (HR 3548).
- The extension will continue until the end of April to have a COMPLETED CONTRACT. This means you do not have to close by the end of April, but at least have a mutually accepted contract between the buyer and seller.
- After the transaction has been mutually agreed upon by all parties, the transaction must be closed and finished by the end of June.
- The tax credit will remain at $8,000 for First-Time-Home-Buyers
- The income limits for the tax credit have been raised to $125,000 for single and $225,000 for married couples, expanding the credit to higher income buyers
- The bill also includes a $6,500 tax credit for Move-Up-Buyers, which I believe includes a provision that the Move-Up-Buyer have lived in their current resident for at least 5 of the last 8 years (I will confirm this later)
I wanted to know if I still have my veterans GI house credit to buy a home I can afford?
I had a Medical bankruptcy and now I 100% disabled and want to know if I still have one?
the guys that are in my PTSD meetings said it should have been reinstated so this is
why I’m writing this
I wasn’t disabled before when I first used it but from the back operation and the PTSD that I have had for a very long time, the other veterans said it should be good? Steve
Steven,
You’re asking if you can buy now because you had a medical bankruptcy related to your disability and now that the VA has changed your status to 100% disabled, your hardship is explained?
I’m assuming you receive your VA disability benefits for being 100% disabled too, correct?