President Obama Signs Bill Expanding Homebuyer Tax Credit

President Obama signed a bill this morning that extends and expands the first time homebuyer tax credit. The credit, which was set to expire on November 30th, now extends to April 30, 2010 (contract must be signed by this date, settlement must be by June 30, 2009). The credit is still up to $8,000 and the income limit expanded to $125,000 for individuals and $225,000 for couples. The bill also includes a credit for buyers who have lived in their current residence for at least five years but want to move to a new primary residence. This tax credit will be available starting December 1, 2009 and will be up to $6,500.

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