The President signed the Worker, Homeownership, and Business Assistance Act of 2009 on November 6, 2009. This extends and expands the First-time Homebuyer Tax Credit. Below are details about the extension as well as a details for a new tax credit.

• The current law has been extended until April 30, 2010. First-time homebuyers have until that date to have a signed purchase and sale agreement. There is an additional 60 day grace period to complete the financing.
• The new law raises the annual income limits to $125,000 for singles and $225,000 for married couples.
• Current homeowners may be eligible for a tax credit of up to $6,500. These homebuyers must have lived in their home for 5 consecutive years over the previous 8 years to qualify.
• The purchase must be for their primary residence, must be made between November 7, 2009 and April 30, 2010 and must be $800,000 or less.
• The income limits are the same as the first-time homebuyer listed above.
• The 36-month recapture requirement for military personnel, including members of the Foreign Service and intelligence community, forced to sell as a result of an official extended duty of service has been eliminated.
• The tax credit is extended for one year for military personnel serving outside the United States for at least 90 days in 2009 or 2010.

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