The Homebuyer Tax Credit has extended and expanded for Suffolk residents.  It has been extended to include current homeowners.  The following are features of the new bill:

•·Deadline for current credit is November 30, 2009.

•·Deadline for new and improved credit is April 30, 2010, as long as the home is under contract by that date; deal must close within 60 days.

•·Eligibility and amount of new credit:

•-$8,000 for first-time homebuyers (those who have not owned a home in the last three years).

•-Up to $6,500 credit for homeowners who have lived in the home they are selling, or have sold, as a

principal residence for five consecutive years in the past eight.

•·Buyers with income exceeding $125,000 for single and $225,000 for married couples are not eligible. 

•·Homes valued at more than $800,000 are also ineligible.

The pool of eligible buyers will increase and the program will be in place through the first half of 2010.  This is a very positive event for home buying and the Real Estate industry!

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