Good news for buyers and sellers –

Buyer Tax Credit was expanded and extended today by the Senate and Congress. President Obama is expected to sign which is good news for buyers and sellers alike.

Details of the plan changes follow:

Feature		Credit ending Nov 30th, 2009		New Credit ends Apr 30th, 2010
Buying First Home Credit		$8,000 ($4,000 married filing sep)		$8,000 ($4,000 married filing sep)
Buying First Home Eligibility		Must have had no interest in a principal residence for previous 3 years		Same
Current homeowner Credit		No Plan		$6,500 ($3,250 married filing separate)
Effective Date – Current Owner		N/A		Date of Enactment
Current homeowner Eligibility		N/A		Must have used sale property as principal residence for 5 consecutive years of the last 8
Termination of Credit		Post Nov 30th, 2009		Post April 30th, 2010
Binding Contract Rule		N/A		So long as a written binding contract to purchase is in effect on April 30th, 2010, closing must occur prior to July 1st, 2010
Income Limit		$75,000- Single, $150,000 married		$125,000 – Single, $225,000 – Married
Max Purchase Cost		N/A		$800,000 Effective Date of Enactment
Purchase by a Dependent		N/A		Dependents are Ineligible Buyers as of date of enactment
Anti-fraud Rule		N/A		Documentation of purchase required to be attached to tax return