Marise Rodriguez Realtor

The President has signed legislation to extend the $8, 000 home buyer tax credit to May 1, 2010, for 1st-time buyers and add a $6, 500 tax credit for repeat buyers who have lived in their home for five of the previous eight years. Income limits are expanded to $125, 000 for individuals and $225, 000 for joint filers. Households who have binding contracts in place by April 30 will be allowed an additional 60 days to complete their transaction. The legislation places an $800, 000 cap on the home sale price. The legislation was included in a broader bill to extend unemployment benefits.