What's in the New Home Buyer and Jobless Bill for ME!

So, what’s in the new Home Buyer and Jobless Bill for you! Here are some quick facts everyone should know about the bill;

 

• The total cost of the bill is estimated to be $24 billion. The Bill will cover both unemployment benefits and housing. 
• Unemployment benefits will be extended for an additional 14 extra weeks. If your state has unemployment above 8.5% you will get 6 more additional weeks for a total of 99 weeks of unemployment. The average unemployment check is $300 per week.
• The housing buyer credit will be extended until June 30^th. This means (very important) that you must be under contract by April 30^th  and close by June 30^th . Very important!!!!
• There is a new $6,500 buyer’s credit for repeat buyers. You Must have lived/owned your principle home for the last 5 years to qualify for this credit.

Here is a quick break down of the differences between the old and new bills:

 

Need more info on the tax credit? 

• Boston Globe
• Bloomberg 
• National Association of Realtors FAQ Most commonly asked questions!!!
• Download Extended tax credit Cheat sheet

Take care, 

Chuck  

Serving all of your Ashburn, Leesburg, Mclean and Loudoun County area Real Estate needs!