WASHINGTON (Bloomberg News, Associated Press) – The Senate and the House have approved extending the first-time homebuyer tax credit, settling on an April 30 close date and expanding it to benefit more homebuyers.
The plan, which had not been signed by President Obama as of this morning, would allow couples earning up to $225,000 a year and individuals earning up to $125,000 a year to qualify. Current parameters of the credit limit income to $75,000 for individuals and $150,000 for couples.
Additionally, buyers who have lived in their homes at least five years would be eligible to receive a $6,500 credit.
The credit would not be available for anyone buying a house worth more than $800,000. Credit recipients would have to repay it if they sold their home or stopped using it as a main residence within five years of receiving it.
So far, the Treasury Department estimates that over 1.4 million Americans have taken advantage of the program, at a cost of about $10 billion.