Great News for the Housing Market!

Our good friend Rhonda at InTrust Mortgage had this great news to share:

Hello Everyone, It looks like the tax credit will be extended plus allow a tax credit of $6,500 to homebuyers who are NOT buying for the first time. Further, it also looks like they are going to increase the maximum income levels for both single individuals and married couples. The proposal is not yet finalized. Below is the short news release:

And eyes continue to be on the tax credit extension, which either prolongs the inevitable or helps the housing market to stabilize and recover, depending on how one looks at it. A Senate committee reached a compromise to extend the credit, and also tacked on a $6,500 tax credit for other primary-home purchasers and raised the qualifying income limits to $125,000 for single taxpayers and $225,000 for joint taxpayers. Under the Senate panel compromise, buyers must have sales agreements in hand by April 30, but they will have until June 30 to go to settlement, the sources said. The measure still faces votes in the full Senate and the House.