Uncle Sam is paying first time home buyers $8,000 and move up buyers $6, 500 to buy a new home from December 1, 2009 until April 30, 2010.

The transaction would have to close by June 30, 2010.  

Move up buyers will be eligible as long as the home they're leaving has been used as their primary residence for 5 years or more. 

Income limits $125,000 for single $225,000 for joint. 

For 2010 purchases, Taxpayers can claim the credit on 2009 tax returns.

Great News on the Tax Credit!

The House passed the bill 403-12 today and the White House has said that President Obama will sign it into law tomorrow morning. The $8,000 tax credit for first-time homebuyers will be extended for seven months and expanded with a $6,500 credit for homebuyers who have owned a home for 5 out of the past 8 years.  I will be releasing an email with the rest of the details in the coming days. My team is also currently working on a marketing campaign that we are extremely excited for and will be releasing soon that is geared towards move-up buyers. 

In the meantime, here is a CNBC article that gives some more information on this extension.