UPDATE: President Obama signed the extension on the 9th of November
Look for President Obama to sign the First Time Homebuyers Tax Credit Extension with an added Repeat Buyer Tax Credit provision on December 1, 2009.
There are several changes in the new tax credit law but the highlights are:
Repeat buyers can qualify for a $6,500 credit if they purchase after November 6, 2009 and before April 30, 2010
Income limits for the program have increased
Documentation must now be included to show the home purchase (due to fraud)
Home must go under contract by April 30,2010
The hope is by raising the income limits and adding current homeowners, higher-end homes will begin to move.
We have many homes for sale in the Page Lake Powell area that qualify for the First Time Homebuyers Tax Credit and the Current Home Owners Tax Credit. If you have been thinking of relocating to the Page Lake Powell area or upgrading your current Lake Powell home, this is an excellent time to do so.