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Orlando Home Buyers: Tax Credit Extended and Expanded

Quick Note: As of this afternoon (11/05/09) it is official! The House has passed the bill and now only the president has to sign off on it! Congratulations to all you first time home buyers and “move up” buyers :) Take advantage of this HUGE benefit soon!

There is great news on the horizon for almost anyone thinking about buying a home within the next 6 months! The $8,000 first time homebuyer tax credit, that was set to expire on November 30, is now set to be extended AND expanded! The House is scheduled to vote on this today and as it stands – not only will the tax credit still be available to first time home buyers (defined as anyone not having ownership interest in home for at least 3 years)  it will also be available to current homeowners!

Here are the details of what the new bill will look like:

First time homebuyers will now have until April to sign a contract on the purchase of their new home. The maximum credit available will remain 10% of the purchase price up to $8,000. The home must be closed on by the end of June.

Current homeowners who have owned their home for at least 5 years can also get some of the free money this time around! The federal government has granted a $6,500 tax credit for current homeowners who want to move on or up to another home. The same deadlines apply, a contract must be in place by April and the home must be closed on by the end of June.

This is likely the last effort the federal government will make in helping to support the real estate market, so if you were thinking about buying a home, now is the time to act! Just imagine all the things you could do with $8,000!

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