Tax credit: Home buyers get a second chance

Nov 6th, 2009 - StarTribune

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House hunters will get an early holiday gift from Congress. Hoping to keep the fragile housing market humming along through the winter months, Congress voted to extend and expand the home buyer tax credit. President Obama is expected to sign the bill today. The credit, which was set to expire on Nov. 30, will allow first-time home buyers with higher incomes to qualify for the $8,000 credit in this round. Existing home owners who have been in their house for at least five consecutive years also will be eligible for a $6,500 credit.

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