The First Time Home Buyer Tax Credit could be extended to April 30, 2010. The First Time Home Buyer Tax Credit was set to expire on November 30, 2009. However, congress is working on an Extension and Expansion of the Home Buyer Tax Credit. The New and Revised Tax Credit would be open, not only to First Time Home Buyers, but also to home buyers with existing homes, as long as they've lived in their residence for five years.
The details of this new bill have not been confirmed yet. The bill is up for vote right now in the Senate. I'll keep you updated as to the status of the Home Buyer Tax Credit as I find out more.
Vanna,
A very timely post. If the $6500 is available to homeowners to move-up or purchase a second home, I believe it will definitely be good. The idea of government encouraging investment sounds good to me.
C. LloydMcKenzie
www.LloydMcKenzie.com
C. LLoyd,
I agree. I wonder if the homebuyers who have sold a home in the past year and want to buy a new home stand. If they didn't live in their former home for five years, I wonder if they would qualify for the tax credit? I mean, they would be buying a primary residence. Of course, they wouldn't be First Time Home Buyers, per se, since they have owned a home during the past 3 years. Would they qulaify for the $6500 tax credit? hmmmm???