Tax Credit Extended and Expanded

President Obama signed a bill on November 6th extending and expanding the home buyer tax credit. First time home buyers will continue to be eligible for an $8,000 tax credit. “Move up buyers” will be eligible for a new $6,500 tax credit. These temporary tax credits are only available for home purchases that go under contract before May 1, 2010 and that close before July 1, 2010. VAR has produced a one-page flyer explaining the tax credit, which is suitable for your clients and customers. NAR has created a Q & A to help Realtors understand the details of the tax credit.