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Tuesday, December 8, 2009

Home Buyer Credit

A new law that went into effect on November 6th extends the first-time homebuyer credit to April 30, 2010 and expands the eligibility requirements for purchasers.
The new law extends the deadline for qualifying home purchases to April 30, 2010. Additionally, as long as the buyer has a contract by April 30, 2010, the buyer has until June 30, 2010, to close on the purchase.
The maximum credit amount remains at $8,000 for a first-time homebuyer.
However, the new law also provides a “long-time resident” credit of up to $6,500 to others who do not qualify as “first-time homebuyers.”

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