Extension and expansion of $8,000 home buyer tax credit will help Albany NY Real Estate

The good news is that congress has voted to extend and expand the existing $8,000 Home buyer Tax credit program until May of 2010. The new program has also been expanded to provide up to $6,500 in tax breaks to existing homeowners that have owned their homes for 5 years or more. Purchasers must be under contract by 5/1/10 and be closed by 7/1/2010. The credit is available for the purchase of primary residences up to $800,000. For the full article check http://news.yahoo.com/s/ap/us_homebuyers_tax_credit credit As always we will provide updates to any breaking real estate news on our site at Albany NY Real Estate