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Future homebuyers in the market for an upcoming purchase will be glad to hear that President Obama signed a bill extending the Federal Homebuyer Tax Credit.  The credit for first time homebuyers remains the same at $8,000 and will apply to the purchase of a home priced at $800,000 or less and closing on or prior to April 30, 2010.  A possible 60 day extension may be permitted if a contract is executed prior to the deadline.  The benefit has also been extended to existing homeowners as well.  Given they have resided in their previous home for a minimum of 5 years, they will be eligible for a credit of up to $6,500 with the qualifying purchase of a new home.  Qualifying income limits have also been increased from the previous $75,000 to $125,000 for single filers and from $150,000 to $225,000 for joint filers. 

For more information and additional guidelines and qualifications, follow the link to the IRS website:

http://www.irs.gov/newsroom/article/0,,id=206291,00.html

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