Greetings Neighbors,

As you all may have heard, the Obama administration signed the $8,000 tax credit extension for first time homebuyers on Friday. However, there is a perk this time around for the tax credit extension. The extension is not just for first time homebuyers but now offers a tax credit to those who are purchasing a new home but not for the first time.

Wondering how the tax credit extension will work? Those who are purchasing homes for the first time will still be eligible for the maximum of an $8,000 credit. Now those who are not purchasing for the first time will be eligible for a credit of up to  $6,500.

The new extension is set to last until April 30, 2010. Those homeowners who are under contract by the new end date will still be eligible under the condition of completing the sale within 60 days.

As for whether the extension will increase home sales, it seems as if there are split reviews. With the extension being offered to those who are not first time buyers, some feel the extension will have little impact in the supply of housing on the market.

Are you or someone you know looking to invest in a home for the first time? Contact the zac team @ Re/Max Greater Atlanta