HOMEBUYERS TAX CREDIT EXTENDED AND EXPANDED!

The President will sign tomorrow an extension of the first time home buyer tax credit. The new legislation extends the credit until April 30 ,2010 to have a home under contract and it must close by June 30, 2010.

The $8,000 max remains the same.

In the bill is a new credit for existing homeowners who want to purchase a home. Buyers who have lived in their home 5 out of the last 8 years will be eligible for a $6,500 credit.

The income limits have been raised to $225,000 for a couple and there is a cap of $800,000 on the purchase price of the home.

Of course, you should check with your accountant or CPA to make sure you are eligible.

This is probably a once in a life time opportunity to get a tax credit for the purchase of a home and interest rates are extremely low so if you have been sitting on the fence it's time to get off!