President Barack Obama’s $8,000 housing credit for new homeowners was supposed to expire at the end of November, but Congress has graciously extended it until April 30, 2010 and added an incentive for current homeowners.
The housing credit is something to be thankful for because home prices have fallen tremendously to offer great deals and to re-ignite a failing housing market. And the credit extension enables people who are building a home to relax through the three to six month new construction process.
First-time homebuyers get up to an $8,000 credit that can be used for a down payment and closing costs, and current homeowners get up to $6,500 toward the purchase of another home if they have lived in their home for at least five years.
The $8,000 first-time homebuyer credit came in handy for me in because I was able to replenish my savings account after nearly depleting it from putting up a down payment and closing costs, paying off credit card debt and going on several vacations.
Click here for more information on the housing credit.