In order to provide assistance to mortgage loans purchasers, home buyer tax credit have now extended under the economic incentive package. This latest program should encourage home buying and mortgage loans for the people who are purchasing homes for the first time.
To incorporate people who already have possession of a house, the House voted 403-12 to extend and expand the home buyer tax credit. This would facilitate the revival of mortgage loan and housing industry. Furthermore, the Senate also agreed to the measure, and the White House said the President would sign it.
People who already own a house for five years will now be for a home buyer tax credit of up to $6,500. Whereas, first time home purchasers, people who have never owned a house in the last 3 years would get up to $8,000.
To meet the criteria for the home buyer tax credit, buyers are required to sign a purchase agreement by April 30, and close by June 30 2010.
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