As it stands right now the highly successful $8000 tax credit for first time home buyers is set to expire on November 30th.  The Halloween Treat is that Senators have agreed to extend the $8,000 first-time home buyer tax credit.  Once the Senate officially votes on the bill it will move to the House of Representatives, which strongly supports the extension. The administration has indicated strong support for an extension of the tax credit as well.

And adding to the “Treat”, the new plan would offer a $6,500 credit for repeat or move-up home buyers who have lived in their primary residence for five years or more. The tax credits would be available to buyers who sign purchase agreements on a new or existing primary residence between December 1, 2009 and April 30, 2010. Buyers wouldhave until June 30 to close on their new homes.

There is an $800,000 price limit on all homes eligible for the credit.  Adding more to the Treat is that more buyers would be eligible because income limits for all buyers would rise to $125,000 per year for individuals and $225,000 for married couples.  That’s considerable more that the current program allows, the limits are $75,000 and$150,000 respectively. The credit does not have to be repaid unless the home is sold or ceases to be the primary residence within three years.

Remember,this legislation has not yet passed, but with the Senate’s approval, there is every indication that an enhanced Tax Credit Extension will be approved.  I will be sure to keep you informed as i tmoves through Congress toward approval.

And another much needed “Treat” for Home buyers: President Obama is expected to sign a resolution passed late Friday by Congress extending the current limits for Fannie Mae, Freddie Mac, and FHA loans through 2010. The limits were set to expire at the end of this year.

The limit remains at $729,750for Bay Area Counties throughout next year. T his is expanded limit is especiallycritical for “high cost” areas such as the Bay Area, where more than 80 percent of all loans are financed by Fannie Mae, Freddie Mac, or FHA.

I’m committed to being available to meet the real estate and home financing needs of my clients.  If you have an interest in Bay Area Homes you will find everything you need at our online resource center, www.AboutBayAreaHomes.com. 

Just look under Quick Links on our homepage. There you will find links for home search, listings for bank owned and short sales, home loans, market activity reports, strategies for home sellers, staging and presentation, my book, “Let’s Make a Deal, The InsidersGuide to buying and selling Real Estate” and more.  Of course I am always available to discuss your real estate or mortgage questions or concerns, just call, text or email me for a prompt response.

If you have an interest in Bay Area Homes you will find what you are looking for at www.AboutBayAreaHomes.com.  Check out Quick Links on our homepage. 

Quick Links
Search All Bay Area Homes For Sale
Search Bay Area Bank Owned and Short Sales Only
Bay Area Market Activity Reports by County
Rent vs Own Calculator
Annual Percentage Rate Calculator
Our Home Loan Center
For Sellers Only
Home Staging Services
Mobile Notary Service
Free PDF Copy of Russ Boyd's Book
Intero Foundation Information
About Our Team

There you will find links for home search, listings for bank owned and short sales, home loans, market activity reports, home seller ideas, staging, my book "Let's Make a Deal, The Insiders Guide to Buying and Selling Real Estate" and more.  Of course I am always available to discuss your real estate or mortgage questions or concerns, just call, text or email me for a prompt response.