To provide extended relief for the U.S. housing market, President Obama signed into law a new legislation this month that allows first-time homebuyers to receive the $8,000 credit until April 30, 2010. The credit was due to expire on December 1, 2009.
Buyers also have an additional 60 days to close after April 30, 2010, meaning: if a homebuyer enters into a contract to buy a home on April 1, 2010, then they have until June 1, 2010 to close on the purchase and are still able to claim the $8,000 credit.
The legislation also provides a new credit for homeowners who purchase a larger residence between November 7, 2009 and April 30, 2010. Up to $6,500 in credit will be available to new buyers who have lived in their residence for at least five consecutive years during the eight-year period before the purchase of the new residence.
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