Today – Thursday, November 5th –Congress extended and expanded the homebuyer tax credit.  The bill will be sent to President Obama for his signature.  First-time buyers (those who have not had a principle residence for three years) are still eligible, and the maximum amount remains the same – $8,000 for married couples, $4,000 for those filing separately.  When President Obama signs the bill, which he is espected to do quickly, the expiration date for the credit will move to April 30, 2010 for a binding contract that closes before July 1, 2010.

Current homeowners who have used the home as their primary residence for five of the last eight years are also eligible. However, the maximum amount for those homeowners is lower: $6,500 for married couples and $3,200 for those filing separately. The tax credit may not used to purchase a home for more than $800,000. All buyers who want to get the credit must include documentation of the purchase on their tax returns.