The American Dream of owning a home is about to happen for many more people this year and in 2010. With the changes to the Homebuyer Tax Credit plan extending in to 2010, more people are able to purchase a home. As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:

• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.

• Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

On November 5, 2009, Congress passed a bill that included an extension and expansion of the home buyer tax credit. The bill would extend the present $8,000 tax credit for first-time home buyers through April 30, 2010. Current homeowners are eligible for a $6,500 tax credit through April 30, provided they have lived in the home they are selling, or have sold, as principal residence for five consecutive years in the past eight years.

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Posted by:Tammy Carroll, CRP, GMS, RCC, WRS

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