We just got the word and we are thrilled! Now first time buyers have we have until April 30th 2010 to close on thier first house and still recieve the credit. Remember those who have not owned in the last three years are considered first time buyers. First time buyers still get $8,000 or 10% of the purchase price.
There is also a provision in the new law that allows current homeowners who have sold or are in the process of selling thier primary residence. These folks will recieve a $6,500 credit. They must have a written binding contract to purchase on or before April 30th 2010. They have until July 1st to close.
The income limit is $225,000 for married couples and $125,000 for singles. The maximum purcahse price is $800,000. Based on these numbers I think it is safe to say that we can put this money to good use here in the Big Horn Basin.