Regarding the $6500 tax home buyer credit, does the new home purchased have to cost more than the current home you live in? Answer: No

I am eligible first time homebuyer and I entered into a contract to purchase on Nov. 1, 2009. Do I have to close before 12/01/2009? How does the extension affect me?  Answer: You do not have to close before Dec. 1, 2009 since the legislation has been signed. Therefore, as long as the contract is closed before April, 30, 2010 the purchaser will be eligible for the tax credit.

To keep up with the Homebuyer's Tax Credit follow our blog @ www.piketteamrealtors.com or email us at piketteamrealtors@hotmail.com.