Expanding the Extension

While Congress vacillated on the finer points of modifying the Homebuyer Tax Credit, they did do the one thing that was necessary: they passed it!  Now, not just first-time homebuyers are eligible for a tax credit.  Move-up buyers now can get in the game if they meet certain requirements.  Take a look at the following explanation of how the newly revised tax credit could affect you (Tax Credit Info).  If you have even thought of getting into the real estate market to take advantage of these remarkable times please remember that you only have a limited time.  In order to qualify for the either the $8,000 first-time buyer tax credit or the $6,500 move-up buyer tax credit you need to be under contract to purchase a home by April 30, 2010.

Not only does this expanded version of the tax credit benefit a multitude of buyers its reach also extends to everyone involved in home building/remodeling all the way to appliance manufacturers, cable companies, home decor retail stores and carpet cleaners (just to name a few).

Interest rates are still below 5% for the majority of home loans and the requirements for loans now is different than it was just one year ago.  Make sure you talk with a professional about all your options.