This week, the extended and expanded Homebuyer Tax Credit streaked through both houses of Congress like a greased pig. The President is expected to sign the bill into law on Friday. Update 11/6/09: The President signed the bill as expected.
The bill enlarges the window of opportunity for first time homebuyers to take advantage of the $8,000 income tax credit when they buy a home. The November 30th closing deadline is history. To claim the tax credit, eligible homebuyers will now have until April 30, 2010 to enter into a binding contract and until July 1, 2010 to close on their transaction.
In another big change, the bill broadens the tax credit beyond first time homebuyers. Certain existing homeowners who buy a home to move to will now be eligible for a $6.500 income tax credit. The same time limits apply.
Here's a chart (pdf) showing the key changes in the law. For more information on how homebuyers in Orange, Athol and the North Quabbin Region can take advantage of this program, contact your Four Columns Realty agent.
