On Thursday, November 5th, Congress approved an extension and expansion of the first time home buyer credit which President Obama is expected to sign into law today.
Here is a summary of the new program:
- $8,000 First Time Home Buyer Tax Credit (with first time buyers defined as people who haven't owned homes in the previous 3 years) extended to purchases on or before May 1, 2010 with closings required before July 1, 2010.
- Current Home Owners who have owned and lived in their home for at least 5 years may now gain up to $6,500 in credits.
- Income Limits have been increased to $125,000 for single buyers and $225,000 for couples, from $75,000 and $150,000, respectively.
Sources: Wall Street Journal
Yahoo Buisness News
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