My New Blog

 On November 6, 2009, President Obama signed the Unemployment Compensation Extension Act (H.R. 3548) into law. It included, as an amendment, an extension and expansion of the Homebuyer Tax Credit. All changes in the bill became effective on November 7, 2009.

The Homebuyer Tax Credit was extended for first-time homebuyers who sign a binding contract by April 30, 2010 and close on the purchase prior to June 30, 2010; and expanded to include a $6,500 credit for current homeowners who purchase a new primary residence. Under the terms of the legislation, "current" homeowners must have used the home they have sold, or that is being sold, as their primary residence consecutively for five of the past eight years. In addition, other eligibility requirements apply, including income limits.

• For additional background, refer to NAR's web page on the topic: "The Basics: Extended Home Buyer Tax Credit 2009/2010"
• View the Brief Reference Sheet from NAR for a snapshot of the requirements and limitations on the tax credit.
• NAR's Homebuyer Tax Credit FAQ document gives answers to real life questions.
• Watch the video of Sen. Isakson's remarks on the Senate floor that include a thank-you to Realogy CEO Richard A. Smith. This video may be used at office meetings and for recruiting purposes.
• Read the IRS description of the rules and requirements.