For all of you who emailed me last night asking, “What the h— is up with the tax credit extension???”
The answer is that there may have been a bit of a revolt among Democrats who didn’t want the controversial measure attached to the Unemployment Insurance bill.
That said, sources are telling me that there may be a compromise among Senators Dodd and Lieberman and Senate Finance folks, like Baucus and his staff.
Here’s how it would work, and again, this is just a source telling me this, not necessarily what will happen:
For first time homebuyers, the income level to qualify is $75,000/150,000 (indiv/joint)
For step up buyers the income level to qualify is $125,000/250,000.
For step up buyers, they must have been residing in their primary residence for 5 years.
The credit is 10% of the sales price, with a maximum of $ 7,290.
The credit runs from Dec. 1, 2009 to April 30, 2010.
For legitimate sales contracts as of April 30, 2010 you have 60 days to close
There is a waiver for military.
This is what I hear. Stay tuned. It could all change dramatically.
Published: Wednesday, 28 Oct 2009 | 10:02 AM ET Text Size By: Diana Olick
CNBC Real Estate Reporter