$6,500 tax credit for current homeowners coming soon

Posted on By Ricky at 9 November, 2009, 5:00 am

$6,500 tax credit for current homeowners coming soon
Tomorrow (Friday, Nov. 6), to be precise. The House of Representatives today overwhelmingly (403-12) passed the initiative, which also extends the $8,000 tax credit for first-time homebuyers until April 30, 2010. President Barack Obama is expected to officially sign off on the legislation before the upcoming weekend. So what’s it all mean? Essentially, if you have been living in [...]

6500 Tax Credit for Current Homeowners

Tomorrow (Friday, Nov. 6), to be precise.

The House of Representatives today overwhelmingly (403-12) passed the initiative, which also extends the $8,000 tax credit for first-time homebuyers until April 30, 2010.

President Barack Obama is expected to officially sign off on the legislation before the upcoming weekend.

So what’s it all mean?

Essentially, if you have been living in your current home for at least five consecutive years (and you own it, of course), the federal government will reward you with up to $6,500 to purchase a new home. However, you must close on the new house no later than June 30, 2010, to receive the bonus.

It’s a great incentive for empty nesters, downsizers, upgraders and basically anyone else who wants to relocate or enjoy a change of scenery … and get rewarded for it.

Get a head start and begin your new home search today at Foreclosure.com. We have the best real estate deals in your area featured in our comprehensive database of more than 2 million nationwide listings.

Happy hunting … and congratulations in advance!