Today, President Obama signed into law the legislation containing the extension and expansion of the tax credit. This legislation also extends unemployment benefits.
The $8,000 first-time homebuyer tax credit will now be available to those who are in a Contract by April 30, 2010 and close by June 30th, 2010.
There is also now a $6,500 tax credit avialable to those buyers who currently own a home and have lived in that home for 5 of the past 8 years.
And the income limits for both credits were expanded to $125,000 for a single buyer and $225,000 for couples allowing more people to qualify. However, qualifying home prices were capped at $800,000.
NAR economists estimate that approximately 2 million people will take advantage of the tax credit this year.
Sources: NAR and The Associated Press, Julie Hirschfeld Davis (11/06/2009)
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