Obama to sign homebuyer tax credit expansion
(AP) - Buying a home is about to get cheaper for awhole new crop of homebuyers - $6,500 cheaper.
First-time homebuyers have been getting tax credits of up to$8,000 since January as part of the economic stimulus packageenacted earlier this year. But with the program scheduled to expireat the end of November, the House voted 403-12 Thursday to extendand expand the tax credit to include many buyers who already ownhomes. The Senate approved the measure Wednesday, and the WhiteHouse said President Barack Obama would sign it Friday.
Buyers who have owned their current homes at least five yearswould be eligible for tax credits of up to $6,500. First-timehomebuyers - or anyone who hasn't owned a home in the last threeyears - would still get up to $8,000. To qualify, buyers in bothgroups have to sign a purchase agreement by April 30, 2010, andclose by June 30.