Homebuyer Tax Credit Extension and Liberation

President Obama signed the Worker, Homeownership, and Business Assistance Act of 2009.  The act extended the tax credit for first time homebuyers for contracts written before May 1, 2010.  The sale must fund prior to July 1, 2010.  The act also expanded the tax credit for existing homeowners who have owned and occupied their primary residence for at least 5 of the last 8 years.  Surprisingly this expansion is effective at time of enactment which is today November 6, 2009.  That’s a real nice surprise for anybody who is closing in the month of November and fits into that category!

Below are two helpful resources for further detail of the act:

Tax Credit Changes (NAR Government Affairs)

Detailed of certain provisions of the Worker, Homeownership and Business Assistance Act of 2009