Good news for San Francsico home buyers – tax credits have been approved by Congress and home buyers all over the place will be thrilled at the news. According to an article from the AP:
First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the enacted earlier this year. But with the program scheduled to expire at the end of November, the Senate voted Wednesday to extend and expand the tax credit to include many buyers who already own homes. The House is scheduled to vote on the bill Thursday.
Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn’t owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.
Combine that with increased income limits to use the tax credits and the maintenance of the existing loan limit signed into action by Obama, and 2010 may prove to be a great year to buy real estate in San Francisco. 😀
Click here for the full article from the AP. Click the picture above to view the video on the topic from CNBC.