FIRST TIME HOMEBUYER TAX CREDIT EXTENDED and EXPANDED!

November 2,2009

President Obama has signed Act (H.R. 3548) that included, as an amendment, the extension and expansion of the very popular Homebuyer Tax Credit!

Homeowners who have owned their current homes at least five years, are now eligible for tax credits of up to $6,500 when they purchase a new home. As well at the extesion of the first time homebuyers credit of up to 8,000.

In order to Qualify buyers in both groups have to sign a purchase agreement by April 30, 2010 and close by June 30 2010.

The purchase must be the primary residence, under $800,000. Vacation property does not qualify.

There is a provision in the bill that states that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase,

This Requirement does not apply to active duty military personnel who move due to a military order.