Homebuyer Tax Credit Extended!! Plus........

As soon as the President signs the bill on Friday, First Time Homebuyers will have more time to utilize that First Time Homebuyer Tax Credit.  With the new bill, first time homebuyers will have until April 30 in which to go under contract, and then must close by June 30, 2010.  This is for residences priced at $800,000 or below.  It will also make more potential buyers eligible in that it will raise the allowed adjusted gross income where the tax credit would begin to phase out from $75,000 to $125,000 for single filers and from $150,000 to $225,000 for joint filers.  The Plus is that the bill also creates a $6500 credit for home owners  that wish to purchase a home who have lived in their home for at least 5 consecutive years out of the past 8 years, whereby they go under contract by April 30 and close by June 30.