After much impatient foot-tapping as the extension was reviewed by Congress and the House, future homebuyers should be thrilled with the news that President Barack Obama signed the bill proposed by Senate to extend the homebuyers’ tax credit today. The 2009 tax credit was set to expire November 30th; the looming due date was the cause of much contention and frustration as potential homebuyers scrambled to get their finances in order to take advantage of the credit.
The new tax credit extension now specifies that a contract for the sale of the home must signed by April 30th, 2010. In addition to the potential $8,000 that first-time homebuyers can receive based on the price of the home, existing homeowners are also eligible for up to $6,500 on the purchase of a new home, if they have owned their current residence for at least five years. Income requirements were also raised according to an Associate Press article.