Homebuyer Tax Credit changes signed into law by President Obama

Today, President Obama signed into law the extension and expansion of the first time homebuyers tax credit bill, which received overwhelming bipartisan support in both houses of Congress.

The homebuyer tax credit provisions are actually part of an Unemployment benefits extension bill, extending unemployment benefits just as the jobless rate hit 10.2%.

For the jobless, the bill extends unemployment benefits for an additional 14 weeks for individuals who will have used up their benefits by the end of this year. An additional six weeks of benefits will be allowed for people who live in states with over 8.5% unemployment.

As for the tax credit extension and expansion for home buyers, the National Association of Realtors has provided a chart comparing the new homebuyer tax credit to the one that is expiring on November 30, 2009, as well as Frequently Asked Questions about the homebuyer tax credit changes.

You can read my earlier posts on this topic here:

Senate approved extension and expansion of homebuyer tax credit.

House passes Senate bill extending and expanding homebuyer tax credit.

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Lynn Michaels is one of the Top Producers in the Marlboro / Manalapan office of Weichert, Realtors. Whether buying or selling a home in Marlboro, Manalapan, Freehold or the surrounding areas, call Lynn for outstanding service and results.

Lynn Michaels (Cell) 908-804-3200 (Email) lynnmichaels@hotmail.com (Web) http://www.lynnmichaelshomes.com/