Obama signed the Home Buyer Tax Credit Extension and Expansion on November 6, 2009. The original First Time Home Buyer Tax Credit that was introduced in February was a $8000 tax credit for any one who had not owned a home in the past three years. The $8000 was based on the sale amount of a property. The refund is 10% of the purchase price, up to $8000. Any first time home buyer qualified for this if they found, bought, and closed on a home by November 30, 2009.
Now that Obama has signed the new and revised version of the Home Buyer Tax Credit, consumers are given an additional five months to complete their home purchase. Home buyers now have until April 30, 2010 to close and record on a home to qualify for the tax credit.
In addition to the extension, congress has also moved to expand the tax credit so that move-up buyers or second home buyers would qualify for a tax credit up to $6500, as long as they owned their previous residence for at least 5 years.
For more information regarding the tax credit, refer to the IRS website
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I am not a fan of the givae aways...but hopefully it will spark a sustainable move forward.
William,
Many people are not. It seems like the tax credit accomplished what it set out to do already. But they keep throwing money as incentive for people to buy. Hence, the extension and expansion. On and on...
Don't get me wrong, i think this is great so that buyers aren't in such a great hurry to buy any home out there. however,we as a nation, have spent so much money!