The Worker, Homeownership and Business Assistance Act of 2009 was signed into law on Nov. 6, 2009. This law extends and expands the first-time home buyer credit allowed by previous Acts. First-time homebuyers have until April 30, 2010 to have a binding contract on a home purchase to receive up to $8,000 tax credit or refund from the government. The law also expands the credit to existing homeowners for a tax credit or refund of up to $6,500. The income levels for those able to qualify has been raised quite a bit also.
A First-time home buyer is defined as someone who hasn’t owned a home in the last 3 years. An existing homeowner must have owned a home 5 consecutive years during the last 8 year period. While the law says you must be in a binding contract by 4/30/10, the transaction must close within 60 days after this. You are not eligible for the credit or refund until after closing, however, you may amend your last years return if you choose. For more information on the actual IRS law click here http://www.irs.gov/newsroom/article/0,,id=204671,00.html
The THDA (Tennessee Housing Development Agency) is also offering a program in association to the First-time homebuyer stimulus to help with closing costs & down payments for the loan. To find out if you qualify click here http://www.thda.org/singlefamily/ftcover.html
If you would like assistance to see if you qualify for any of these programs contact me at 931-624-6320 or laurie@listwithlaurie.com You may also read more about me, search for available homes, and contact me thru my web site at www.listwithlaurie.com I would be happy to help you achieve the American Dream and purchase your first home or sell your current home and purchase a new one 
Tags: American Dream, down payment and closing costs assistance, existing homeowner, first time home buyer, home purchase, home search, homebuyer, Homeownership and Business Assistance Act of 2009, IRS tax, stimulus, tax credit, Tennessee Housing Development Agency, THDA, The Worker
