Much anticipated, the news for the housing market came Friday when President Obama signed the extension of tax credits for home buyers and broadening their application.
The tax credits apply to contracts signed no later than April 20th, 2010 that close by June 30th, 2010. To qualify the borrower must have a yearly income of $125,000 or less for individuals and up to $225,000 for couples. Tax credits of up to $8,000 are offered to first time home buyers and now there is a $6500 tax credit for buyers who have owned their current home – valued at less than $800,000 – for at least five of the last eight years. Check out the Federal Housing Tax Credit website for more information.