The Homebuyers Tax Credit that was part of the economic stimulus package from last January will continue and will now include some homeowners rather than just first time buyers.
The program was scheduled to expire at the end of November but last Thursday, the House of Representatives voted 403-12 to extend the tax credit until April 30, 2010 and expand it to include potential buyers that already own homes. The Senate approved the measure on Wednesday and President Obama is expected to sign it.
If you are a first-time buyer or if you have not owned a home in the past three years you will get a tax credit of $8000. If you have owned your current home for at least 5 years you are now eligible to receive $6500.
You must sign your purchase agreement by April 30, 2010 and close by
June 30, 2010.
If you need to do some repairs on your credit in order to qualify to purchase a new home, start now and you can get quite a bit accomplished by April.