Homebuyer tax credits expanded

As expected, Congress and President Obama passed both an extension of the $8,000 First Time Homebuyer Tax Credit and added a REALTOR® supported $6,500 Homebuyer Credit for citizens who have lived in their home for 5 consecutive years in the past 8 years.

Passing the law is great for real estate through April 30th, 2010. It is anticipated that the Congress will not continue this program after this Extension/Expansion.

Details have been somwhat elusive – but the Minneapolis Area Association of Realtors has some info:
FAQ – Homebuyer Tax Credit Changes
NAR Issue Brief

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