On Friday the President signed into law an extension to, and expansion of, the Homebuyer Tax Credit. The first time homebuyer component, which is an $8,000 tax credit, has been extended to April 30, 2010 and a "binding contract" rule has been added which allows Buyers to take advantage of the credit by closing on a purchase as late as July 1, 2010, provided that there is binding contract in place by April 30, 2010. In addition, Buyers who have owned a home as a principal residence for five consecutive years in the last eight years are now eligible to receive a $6,500 tax credit. For more information, click here for a side-by-side comparison of the original provisions and the extended and expanded provisions.
