Congress has extended  and  EXPANDED  the homebuyer tax credit. 

When the current rules for first-time buyer Rederal Tax CREDIT up to $8,000 expires on 11-30-2009,  the new changes will be effective December 1 - April 30, 2010. 

Under the NEW changes,  now First-Time Buyers (who have not had an interest in a principal residence for 3 years prior to purchase)  can have increased income limits  (up to $125,000 sincle and $225,000 married

Under the NEW changes, now a CURRENT HOMEOWNER is eligible if they have used the home sold or bring sold as a principal residence consecutively for 5 of the previous 8 years.  They can receive a tax credit of up to $6,500 to sell and  buy another home.

This is all very exciting, especially in Austin Texas where our economy holds great job promise for those coming here from other economic ravaged states. 

 It is exciting for any empty nest  parent of grown children who wants to sell and move and get the $6,500 Federal Tax CREDIT.  It is exciting to their grown children who are ready for the commitment and tax advantages and equity potential of becoming a first-time homebuyer and receive the $8,000 Federal  Tax CREDIT.

Remember a CREDIT is not a deduction.  A CREDIT is a check the government writes to you regardless of whether you owe tax.   If you owe  $7,000 in tax, then the government writes you an $1,000 check .  If you owe NO tax, the government writes you an $8,000 check.

So as Austin continues to be the darling city in the spotlight of all major financial media, and today was added to the list of most attractive places for retirees,  please keep me in mind to help you take advantage of this rare and brief financial windfall.  Let me help you sell you home, or purchase that next one during this window of opportunity.