Congress passed the Homebuyers Tax Credit Program Expansion set to expire November 31, 2009. Here is a quick summary.
The program, which was set to expire November 30, 2009 has been extended and expanded. It will continue to assist First Time Homebuyers by providing an $8,000 credit with the existing rules still in place. The program has also been extended to Current Homeowners who now qualify for $6,500 for the purchase of a new residence if they have lived in their existing home 5 of the last 8 years. The extension will terminate April 30, 2010 and will apply to contracts entered into before that date and which close before July 1, 2010.
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