The U.S. Senate unanimously passed an extension, and expansion, of the home-buyer tax credit and President Obama has signed it.
Moon-rise over Downtown Anchorage
The new law will extend the $8,000 credit for first-time home buyers for contracts entered into by April 30, 2010 and closed by June 30, 2010.
Further, it has been expanded to include a new $6,500 credit for owners of existing homes who are purchasing a new principal residence. An existing home owner can claim the $6,500 tax credit if they have been residing in their principal residence for five consecutive years out of the last eight years.
Additionally, the income eligibility limits to claim the full credit amount for both groups of home buyers have been raised to $125,000 for individuals and $225,000 for married couples.
If you or anyone you know are looking to buy their first home while prices are good and interest rates are still good, the time may never be better!
If you already own a home and have lived in it for at least five years, you may qualify for a $6,500 tax credit if you sell your existing home and buy a new one before May 1, 2010!