We just received news that Congress approved the legislation on Thursday, November 5th, 2009 to extend the tax credit past it’s orginal deadline of November 30th, 2009.  It will also expand to a larger portion of home buyers!  The legislation should be signed into law very soon by President Obama.  This will allow home buyers that qualify to put a contract on a home by April 30th, 2010 and close on their new home by June 30th, 2010.

This legislation will also include a new $6,500 credit for owners of existing homes who are purchasing new primary residences.  An existing home owner can back claim this new credit, if he/she has resided in their primary residence for five consecutive years out of the last eight years.

This information was provided to us by THDA: Tennessee Housing Development Agency.

Plus, THDA will be extending their Stimulus Second Mortgage Loan Program past November 30th, 2009 to incorporate the new deadlines.  They will however, not incorporate the provision for existing home owners under the Stimulus Second Mortage Program.