LEGISLATIVE ALERT: First -time Homebuyer Tax Credit Extended and Expanded

The House of Representatives passed legislation to extend and expand First-time Maryland Homebuyer Tax Credit. Under the legislation, home buyers will qualify for the $8,000 tax credit until April 30, 2009 (as long as they have entered a binding contract), and have an additional 2 months (until June 30, 2009) to close the transaction. Borrower income limits have been increased to $125,000 for individuals and $225,000 for couples. A tax credit of $6,500 also applies to move up buyers who have owned their current home for at least 5 years.

This is extremely beneficial for consumers and the overall housing industry. As a Realtor and homeowner, I strongly urge all home buyers to take advantage of this market and this amazing opportunity.