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Tax Credit for First Time Home Buyers Extended!!!

President Obama signed into law, November 6, 2009, legislation extending and expanding the $8,000 first-time homebuyer tax credit. 

Under the legislation, homebuyers will qualify for the tax credit until April 30, 2010 (as long as they have entered a binding contract,) and have an additional 2 months (until June 30, 2010) to close the transaction  

Borrower income limits have been increased to $125,000 for individuals and $225,000 for couples (up from $75,000 and $150,000 respectively under the current program.)

Buyers can claim 10% of the purchase price, up to $8,000, or $4,000 for married individuals filing separately, according to the IRS' Web site. The legislation also includes a tax credit not exceeding $6,500 for move up buyers who have owned their current home for at least 5 years out of the past 8.