President Obama is expected to sign into law today the extension of the tax credit that was scheduled to expire the end of November.
Here are highlights of credit:
· First time home buyers would qualify for the $8,000 tax credit for contracts signed by April 30th and Closed by June 30, 2010.
· NEW $6,500 tax credit beginning December 1, 2009 for homeowners who are buying a new primary residence if they owned their home for five consecutive years in the previous eight.
· Military families who have been deployed overseas for 90 days or more in 2008 or 2009 would have until April 30, 2011 to sign a contract.
· To qualify, the home must be no more than $800,000
· Annual income restricted to a maximum of $125,000 for individuals and $225,000 for couples.
· Anyone who collects the tax credit and sells the home within three years of buying it must return the refund.