Congress has passed the extension of the $8,000 First-time Homebuyer Tax Credit. Extention is until April 30 of 2010, with an additional two months, until June 30th to close. The new legislation increased the income limits for couples up to $225,000.
Current homeowners have been added to the credit. A$6,500 maximum credit will be available if they lived in their home for five of the prior eight years. Limited eligibility and a limit of $800,000.
Legislation will take effect December 1 and is not retroactive.
Go to www.realestateeconomywatch.com for more information.
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