Tax credit extended into 2010 and includes existing homeowners!

his morning, the $8000 tax credit extension was extended and expanded for first-time home buyers. This is the tentative plan, but not official until the government releases the documents with all of the fine print.

Here’s the new tax credit deal the Senate settled on this morning:

The $8,000 first-time home buyer tax credit would be extended (it was set to expire November 30) for home buying contracts that are finalized by April 30, 2010 and close before June 30, 2010.

A new $6,500 tax credit is available to some existing homeowners who lived in a home for a consecutive 5 years out of the past 8 years.

The income limits have been raised, so both tax credits will be available to those individuals earning up to $125,000 (currently set at $75,000), or up to $225,000 (currently set at $150,000) for couples.

This extension comes as September housing numbers were released and showed slowing in the housing market because buyers would not be able to close before the November 30, 2009 previously set deadline.

Source:CBS Money Watch, Atlanta Real Estate Forum

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