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It's Official: Effective for all home purchases after November 6, 2009

President Obama signs into law H.R 3548: The extension and expansion of the home buyer tax credit.

Friday November 6, 2009 , as current mortgage rates still kept up their momentum of the current week of sliding lower, President Obama officially signed the HR 3548 bill after the Senate passed it unanimously on Wednesday and the House of Representatives voted to approve it by a 403-12 margin on Thursday..

In case you haven't heard the home buyers tax credit has been extended and expanded to include:

1. Extension of the current $8,000.00 tax credit for 1st time home buyers with a signed purchase contract by April 30, 2010 and closed by June 30, 2010
2. Raising the income limits for singles to $125,000 and for married filing jointly to $225,000.
3. Offering a $6,500 credit for current home owners who have owned their current home as a principle residence far any consecutive 5 year period out of the last 8 years.
4. Limiting the purchase price of the home at $800,000.
5. Members of the military, military intelligence, and foreign service who are on qualified extended official duty are not subject to the recapture fee and individuals who have been deployed overseas for 90 days or more in 2008 or 2009 can claim the credit through April 30, 2011.

The expansion of this credit for current home owners and/or people making up to 125k for single taxpayer and 225k for married filing jointly is effective and shall apply to residences purchased after the date of the enactment of this Act or in others words after November 6, 2009.

It is not often in life we find ourselves afforded with a 2nd chance opportunity , considering the massive costs involved with this legislation, this is the last chance to take advantage of this tax credit if you do so qualify. The Senate, The House of Representatives nor the President of The United States of America will not allow any further extensions to this program once it expires in after April 30, 2010.

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