As part of the government's efforts to encourage people to spend money to help revive the economy, the House voted 403-12 Thursday to expand a popular tax credit for homebuyers. Buy a home before May 1 and collect up to $6,500 from the government. If you're a first-time homebuyer, get up to $8,000. The credit is available for the purchase of principal homes costing $800,000 or less (vacation homes are ineligible). The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000. First time homebuyers and now move up buyers have some incentives to take action.
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November 06, 2009
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Principal amount for houses are still high
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