Do you qualify for the First-Time Home Buyer Tax Credit? If you are looking to buy a home in San Diego, you might want to check into the new legislation for home buyers and how it will affect you.

In an effort to stimulate the sagging domestic economy, the US Congress has passed new and exciting legislation regarding the First-Time Home Buyer Tax Credit in order to assuage the housing market and encourage Americans to not give up their dreams of owning a home. President Obama has signed into law the “Extended Home Buyer Tax Credit” and potential homeowners around the country are rejoicing, as this move puts thousands of dollars back into their pockets.

The new law extends the First-Time Home Buyer Tax Credit of up to $8,000 until April 30, 2010, giving more time to those citizens who are contemplating buying homes in San Diego or anywhere else in the nation. Also on the books is another sixty-day extension for homebuyers who have entered into a purchase contract by April 30, as long as it closes by June 30, 2010. Real estate shoppers now have about half a year to find a new house and seal the deal.

Not a first-time homebuyer? Don’t despair; the government has allocated extra funds to stimulate your purchase of a place to live as well. The new legislation has expanded the credit for current home owners as well, giving up to $6,500 to those who have purchased or are purchasing a new or existing home between November 7, 2009 and April 30, 2010. To qualify for the credit you must have owned and occupied a principal residence for five out of the last eight years.

With several more months to make a move, this legislation puts thousands of dollars in the pockets of those who need it to take a big step forward in their lives. At a time when many have lost a little faith in the American Dream, this positive legislation is taking active steps to reinstall the hopes of potential homebuyers from sea to shining sea.

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This is filed under Home Buying.

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