Tax Credit Opened Up For Existing Homeowners Too !! ... up to $6500 !

Lawmakers are close to finalizing a new bill to extend the recent First Time Buyer Tax Credit, and in a bold move, extend it to current homeowners who have lived in their homes for at least 5 years.

The expectation is that there will be up to $6,500 tax credit for all current homeowners who qualify.

The final details of the programs have not been locked in, but it is certainly a good sign that this home buying incentive may well continue !

Official Release from Wall Street Journal:

Homebuyer Credit Gets New Life
Key lawmakers in the Senate have tentatively agreed to extend the existing $8,000 tax credit for first-time home buyers and also offer a new $6,500 credit for existing homeowners who have lived in their current residence for a consecutive five-year period in the past eight years.

Home buyers must be under contract by April 30, 2010, and close before July 1. House Democrats have expressed concern about the cost of the tax credit for the government, and allegations of abuse have resulted in an IRS probe of the program.

Source: Wall Street Journal, Corey Boles and John D. McKinnon (10/29/09)