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Senate Poised To Approve Housing Stimulus
November 4, 2009
For the first time, the legislation cleared Tuesday night makes move-up buyers as well as first-time buyers eligible for a credit.
The $8,000 maximum first-timer credit will continue and will now be available to couples with income up to $225,000, a nearly $55,000 increase above the level in existing law. A new $6,500 maximum credit would also be available to move-up homeowners who have lived in their current residence for five of the prior eight years.
At this time, it appears the first time buyer credit will be $8,000 until March 31, 2010; then it will begin a phase out quarterly, lessening 25% per quarter. The move-up buyer credit will be in affect December 1, 2009 through March 31, 2010.
Stand by for more news as this legislation should pass this week.
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