Along with an extension of the existing 1st time homebuyers tax credit with a few minor changes, Obama is expected to sign into effect today, Friday Nov.6th a tax credit for existing homeowners. This credit will be $6500,, purchase contract to be dated before April 30, 2010 and after date President signs bill, must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years, actual closing to occur before July 1, 2010. Complete summary of 2 bills by Nar 
For a summary of the Basics of the Extended Home Buyer Tax Credit, visit this article The Basics: Extended Home buyer TAx Credit 2009/2010
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