President Obama Signs Unemployment Insurance Bill

It’s official, home buyers in Atlanta and all of the nation have a second chance to receive the home buyer tax credit as President Obama signed the bill into a law. Not only is the home buyer tax credit extended to April 30, 2010, but it has also been enhanced so that you don’t have to be a first-time buyers can benefit. The new provisions include perks to encourage move-up buyers to get into the real estate market by offering a $6,500 tax credit for repeat buyers. As long as you have been in your current residence for at least five years, you are eligible for the $6,500 tax credit when you purchase a new home.

Also new to the tax credit is that you do not have to close on your home by the deadline. The credit is available for all contracts written by April 30, 2010 as long as you close within 60 days. And the income cap has been increased to $125,000 for single filers and $225,000 for joint filers. However, the credit is only available on home purchases that are $800,000 or less.

The tax credit extension is part of the Unemployment Insurance Bill, and you may be wondering how the two are related, but the new parameters of the tax credit are expected to create more jobs in the housing industry. It is also expected to boost home sales. For more information about the other aspects of the Unemployment bill, check out this article from CNN Money.

With the new extension and expansion of the home buyer tax credit, we hope that everyone is inspired to begin looking for a new Atlanta home.