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Home Buyer Tax Credit Has Been Extended and Expanded

Congress voted to extend the $8,000 First-Time Homebuyer Tax Credit and created an additional $6,500 credit for exiting property owners looking to sell their home and buy another.

The tax credit for both programs will apply to all written binding contracts in effect by April 30,2010 and closed by June 30, 2010.

Both credits have income restrictions limiting their availability and are applicable only for single-family residences.

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