The credit has been extended to July 1,2010. The bill allows a 10% credit of the purchase price not to exceed $8,000.00 for first time homebuyers. The credit will be allowed on all transcations that have a signed purchase agreement by May 1, 2010 and it closes prior to June 30, 2010.

More Details

- The income range is $125,000 for single and $225,000 for married an increase of $50,000
and $100,000.00 respectively from the last bill.

- The credit has been expanded to cover purchases of a new principal residence by those who
have lived in their current prinicpal residence for at lease five out of the last eight years. The
credit on these transactions is capped at $6,500.00

These changes add some benefits to an already benefical tax credit. If you have additional questions contact me via email at info@getyourownhouse.com