It is finally official. The homebuyers’ tax credit has been extended to April 30, 2010.

I am sure lots of area home-buyers have thought this was approved a couple of weeks ago, however the President just signed the Bill this afternoon.  The original 1st time home-buyer credit was extended and there was a new provision inserted to allow for higher income and for home-buyers who would like to be move-up buyers to receive a credit of $6,500 with certain restrictions.  This next week I will be posting more in-depth about this bill but wanted to give an update and some quick facts.

• Home-buyers must sign a contract before April 30 and close by June 30.
• Single buyers can now earn up to $125,000 and still get the full credit while a married couple can earn $225,000.
• First-time buyers — those who have not owned a home in the past three years — still qualify for an $8,000 rebate.
• Those who have owned and occupied a residence for at least five years out of the past eight can claim a $6,500 tax credit if they close on a purchase by the end of June.

There are several news articles you can read for more information
BREAKING NEWS: President Obama Signs Bill Expanding Homebuyer Tax Credit

$8,000 homebuyers tax credit extended

First-time home buyer credit, jobless benefits both extended

Obama signs homebuyer, jobless bill assistance