Great news for first-time homebuyers and existing homeowners!!!

Congress has extended federal tax credit of $8,000 for first-time homebuyers.
It is now available to first-time buyers until April 30, 2010.
Additionally, current homeowners may be eligible for a $6,500 "move-up buyer" federal tax credit.
· New law extends the First-Time Home Buyer Tax Credit of up to $8,000
to first-time home buyers  until April 30, 2010.
· New law expands the credit to grant up to $6,500 to current home owners purchasing a new or existing home between November 7, 2009 and April 30,2010.

Who Qualifies for the Extended Credit?
· First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
· Current home owners purchasing a home between November 7, 2009 and
April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

This $8,000 tax credit would be available to first-time home buyers for the purchase of a principal residence  before April 30, 2010. The $6,500 credit would be available to existing homeowners for  purchase of new  principal residence before April 30, 2010. The credit does not require repayment. The credit will be claimed on a tax return to reduce the purchaser's income tax liability.
If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
Example:  A first-time homebuyer, who typically receives a $3,000 tax refund, would now receive an $11,000 refund. The $8,000 is given by the federal government as an incentive/reward for purchasing.
There are some restrictions related to income, price, and occupancy.