It is official!

First Time Buyer Tax Credit Extended and More!

President Obama signed an economic stimulus bill into law today, which will extend the first time buyer tax credit but it will also benefit current home owners wishing to make a move.

In addition to the $8,000 first time buyer tax credit, there is also now a credit of $6,500 for buyers who have owned their current home for at least 5 years. To be eligible you must have used the home you sold or are selling as a principal resident consecutively for 5 of the previous 8 years.

To take advantage of this credit you must be under contract by April 30, 2010 and you must close by June 30, 2010.

The National Association of Realtors has put together some information on the program as well as a brief frequently asked questions page.

Good news for all home owners!