What The President Has Done For You Lately

HOMEBUYERS - WASHINGTON IS LISTENING

President Obama signed a bill into law yesterday that will extend the Homebuyer Tax Credit. This will allow first time homebuyers to continue to receive a credit of up to $8,000 on the purchase of their first home. The buyer must not have had ownership in a principal residence for the last three years from the date of closing or actual purchase. Contracts must be written before April 30, 2009 and the property must close before July 1, 2010.

For those of you who opined that current purchasers were left out in the cold - Congress didn't forget about you - and the President was eager to sign the legislation. Current homeowners who sell a principal residence that they have lived in for the last five years of the previous eight years will be able to receive a credit of up to $6,500 if they purchase a new home.

This will go into effect for current homeowners as of December 1, 2009.

My only problem with this bill is closing - I have several current clients who are having a hard time getting their mortgage companies to close on time. But that's another newsletter.

There is a caveat on all purchases - the cost of the home cannot exceed $800,000, so don't go crazy!

If you're ready for a new home, or a first home - call me. I'm going on a caravan Sunday and I'm looking for places to present to new clients. 312-498-1138!

In addition, the President extended unemployment benefits with this bill. Unemployment benefits have been extended up to twenty weeks depending on the unemployment rate in the area you live. This is a necessary safety net in the road to economic recovery.