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!
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November 8, 2009 at 3:35 pm
Sarah
The $6500 do you have to buy a new construction home or can it be any home. And does it qualify for a foreclosure or short sale?
November 9, 2009 at 10:50 am
Tony Cartman
That’s a great new for those who still on the fight to find a good property available!
November 16, 2009 at 6:36 pm
Jim OConnor
Is this “existing home owner credit” available after a divorce? In other words, if the married couple owned a home and one spouse transfers his or her interest to the other in the divorce, is that spouse eligible for the credit to buy herself a new home?