Chicago Condo Resource

11/6/09 - President Obama signed into law legislation extending and expanding the $8,000 first-time homebuyer tax credit. 

Under the legislation, homebuyers will qualify for the tax credit until April 30, 2010* (as long as they have entered a binding contract), and have an additional 2 months (until June 30, 2010*) to close the transaction.  Borrower income limits have also been increased to $125,000 for individuals and $225,000 for couples (up from $75,000 and $150,000 respectively under the current program).  The legislation also includes a tax credit not exceeding $6,500 for move up buyers who have owned their current homes for at least 5 years.