The House of Representatives and the Senate passed a bill to extend the First Time Home Buyer Tax Credit for up to $8,000.  The new tax credit starts December 1, 2009 and goes to April 30, 2009.  Congress also added $6,500 tax credit for move up buyers.  In order to qualify you must have owned your current principal residence for the last 5 years or more.

You must own the home you buy for the next 3 years in order to not have to pay the money back.  The income limits have also been increased. Single = $125,000 and Joint = $250,000.

For more information please feel free to call me at 302-703-727 or send an e-mail to DelawareMortgages@yahoo.com

John R. Thomas - Certified Mortgage Planner - Primary Residential Mortgage, Inc.

www.DelawareMortgageLoans.net