Obama Signs First-Time Homebuyer Tax Credit Extension

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Obama signs 3-month extension of homebuyer credit.. The $8,000 tax credit for first time homebuyers and $6,500 credit for others purchasing a new primary residence was a highly popular.

In order to stimulate the housing market, the president has signed off on the extension of the first time home buyers tax credit, as well as open it up to others as well. This will extend the tax credit to first time home buyers from November 30,2009 to April 30, 2010.

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Congress voted to extend and expand the federal homebuyer tax credit, and President Obama is expected to sign the bill today, effective immediately. It will be as if the November 30th deadline of the previous first time homebuyer tax credit had never existed. Transactions that close after the new bill is signed into law will be subject to the new.

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First-Time Homebuyer's Tax Credit Extended President Obama Signs Into Law New Tax Credit for current home owners and Extension of New Home Buyer Tax Credit President Obama just signed a bill TODAY to extend the tax credit for first-time homebuyers (FTHBs) through June 30, 2010 and includes a new tax credit for people who already own a home.

The home buyer tax credit – which reimburses first-time home buyers 10% of their purchase up to $8,000 – was part of the stimulus bill enacted in February 2009. The law was later expanded in November 2009 to included a $6,500 credit for home buyers who already owned homes.

Repaying the First-Time Homebuyer Credit. The homebuyer credit is repaid as an additional tax on your federal tax return if you bought your home and qualified in 2008. This works out to annual repayments of $500 per year if you received the maximum $7,500 credit. Think of it like an interest-free 15-year loan.

(President Obama has signed off on the bill approving of the extension of the $8,000 New Home Buyer Tax Credit until April 30, 2010) First-time home buyers aren’t instantly eligible for the tax break. There are a set of requirements you must meet in order to get the $8,000 tax credit on your first time homebuyer mortgage.

The House of Representatives has voted to pass legislation extending the home buyer tax credit until April 30, 2009. Last night the Senate voted 98-0 to pass the legislation.

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