Breaking News - Federal tax credit for home buyers extended and expanded.

Federal tax credit for home buyers extended and expanded.

Remar Sutton, DCU StreetWise Spokesperson

The Congress has now passed a bill extending an $8,000 tax credit for first time home buyers. First-time buyers will need to have a contract on a home priced up to $800,000 by April 30 and close by June 30, 2010. Income limits for claiming the credit are increased to $125,000 for individuals and $225,000 for couples. The bill also for the first time offers a tax credit of $6,500 to current homeowners who wish to buy a new home and have lived in their current home for five of the last eight years. For more information, see this page on the IRS website for more information.

Breaking news analysis prepared for DCU by Remar Sutton & Associates, November 2009.

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