Last Friday President Obama signed into law legislation that in effect not only extended,but expanded the tax credit first time home buyers have been accessing.The legislation,to extend unemployment benefits to workers makes it possible,as well, for a vast increase in the number of people who can now qualify for home buyer credits as income limits has been appreciatively increased.
The extension which now lasts through April 2010 has been expanded to now include current homeowners as well. Under the expanded program Americans who presently own a home may qualify for as much as $6500 tax credit when they buy a new home during the life of the program (military personnel serving overseas have more time).Homeowners who choose to participate in the expanded program need not sell their current homes,they are however,required to live in the new home as their primary residence for not less than three years after purchase.
This new but expected development is seen as an added boost for the US housing and mortgage markets,coming at a critical juncture in time,to further energize the national housing and mortgage industries.
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