Extension and Expansion of Tax Credit

Breaking News: President Signs Tax Credit Extension & Expansion

President Obama signed into law legislation that extends and expands the first-time homebuyer tax credit this morning. This enacts the legislation into law making the extension and expansion effective immediately after today. To learn more about the jobless benefit extension and the extension of the homebuyer tax credit visit: Obama signs jobless benefit extension.

Who Qualifies for the Extended Credit?
First-time homebuyers who purchase after today and before April 30, 2010, are eligible for the extended tax credit.
Current homeowners purchasing a new principal residence after today and before April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.