First-time home buyer rebate program extended and expanded for qualified repeat home buyers!
November 10, 2009--The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers.

The rebate program which was originally scheduled to end December 1st is now set to run through the end of June 2010.

To take advantage of this new deadline, home buyers must sign a contract before April 30th and close on their homes by June 30th. In addition to extending the program's end date, the new law also raises income limits. Single buyers earning up to $125,000 can still get the full credit while a married couple can earn up to $225,000.

With the new bill first-time buyers (buyers who have not owned a home in the past three years) still qualify for an $8,000 rebate. But now people who want to trade up can also qualify. Buyers who have owned and occupied a residence for at least five years out of the past eight can claim a $6,500 tax credit if they close on a purchase by the end of June.

Learn more about each parts of the program:
Frequently asked questions about the $8,000 first-time home buyer tax credit.

Frequently asked questions about the $6,500 tax credit for repeat home buyers.