Tax Credit Extended and Expanded through May 1, 2010
The federal tax credit that covers 10% of a home price up to $8,000 for first-time buyers has been extended through May 1, 2009. It has also been expanded to existing homeowners who have been residing in their principal residence for five consecutive years out of the last eight and are purchasing a home to be their principal residence (“repeat buyer”), may be eligible for up to a $6,500 tax credit.