For my buyers held up in short sales, there's hope. Cross your fingers that it passes!
Harry Reid's office just confirmed these details:
1) Sen Isakson, Dodd, Lieberman have agreed, and Senate Finance
[Baucus and tax staff] have agreed to this credit extension and
expansion:
2) For first time homebuyers, the income level to qualify is $
75,000/150,000
3) For step up buyers the income level to qualify is $ 125,000/250,000
4) For step up buyers, they must have been residing in their primary
residence for 5 years
5) The credit is 10% of the sales price, with a maximum of $ 7290.
6) The credit runs from Dec. 1, 2009 to April 30, 2010.
7) For legitimate sales contracts as of April 30, 2010 you have 60
days to close.
8) There is a waiver for military.
9) This will be added to the Unemployment Insurance bill. It will
then go to the House.
