Thursday, November 12, 2009
Obama extends, expands homebuyer tax credit
By Lisa Scherzer
Post by Lingxiao Li
On the fence about buying a new home? Some government aid is on the way to help spur sales.
Nov. 6 President Barack Obama signed a bill that extends the $8,000 first-time homebuyer credit and expands it to include some existing homeowners.
Under the expanded program, homeowners are eligible for a tax credit of up to $6,500 if they purchase a new home. To qualify, current owners will need to have lived in their prior residence for five consecutive years out of the past eight years. The credit would apply to home purchases under contract by April 30, 2010, as long as they close by June 30.
First-time buyers (and those who haven’t owned a home in the last three years) continue to be eligible for up to $8,000. Read more..