Impact of Expanded Tax Credit

Having been a participant in pushing for and dialoguing with members of congress about the need for the Tax Credit for First Time Homebuyers to be both Extended and Expanded, I am very excited that - on this - Congress has done a great job. The new program encourages sellers and buyers who are in the "move-up" category to get going on finding a new place to live with the tax credit of $6500.00 for the move-up folks and higher income limits and price limits for that group as well. The $8000.00 tax credit is still available for the 1st time folks (including those who have not owned in the last 3 years).The beginning of the expiration process is in April and we are told that there will be NO going back to the well on this; a buyer needs to be under contract by April 30, 2010 and close the deal be June 30, 2010 to get the benefit. Other criteria apply so contact this real estate professional or someone in the know to explore the possibilities. One of my questions was whether or not the funding is coming out of the stimulus money and the answer to that is; NO it is being paid for by a little known fund called the "Delayed World-Wide Tax Fund" which we are learning more about so stay tuned....