HOME BUYER EXPERTS

President Obama signed into law today legislation to provide additional unemployment and tax benefits to Americans.

The tax credit portion of this, added by the Senate, extends the popular $8,000 credit for first-time homebuyers that was included in the stimulus package.

The credit, which was to expire at the end of this month, will be available through next June as long as the buyer signs a binding contract by the end of April.

New to the Tax Credit is the fact that the program is expanded to include a $6,500 credit for existing homeowners who buy a new place after living in their current residence for at least five years.

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Please keep HomeBuyer Experts in mind if you or someone you know is eligible for these credits.

The Senate has recently passed legislation that would extend and expand the first-time homebuyer tax credit. It is now moving back to the House for final approval before going to President Obama. The legislation extends the credit until April 30, 2010 and provides a $6,500 tax credit to include buyers who “move up” or “trade-in” their home for a better one, so long as they have lived in their current house for five years. Buyers with higher incomes now could also take advantage of the credit with the earnings cap increased to $125,000 for an individual or $225,000 for a couple. The measure does retain the limit to homes purchased for $800,000 or less. In addition, the new legislation will require those claiming the credit to provide a HUD-1 settlement statement in order to assist in fraud prevention.