Well after lots of hard work, we finally got the Tax Credit extended and (Thank you Congress!) expanded. Not only do "first-time" homebuyers qualify for the tax credit, but now individuals who have lived in their homes for 3 years or more can get a lower tax credit (every little bit helps doesn't it!) for themselves.
This is very good news. While I think there was the hope that the previous tax credit would stabilize the housing market, it appears that the new stimulus may actually stimulate the housing market, much like the Cash for Clunkers did for the auto industry.
Two things to remember ... these are TAX CREDITS! They will be applied to your tax return and you aren't going to get a check from President Obama as so many people believe. When you file your taxes you will get the tax credit ... if the government owes you $1250 on your taxes, then you will get that plus the housing credit. If you owe Uncle Sam some taxes, then it will be deducted from the tax credit.
As always, please consult with a qualified tax professional to better understand the programs mentioned above. I am not a tax professional and only providing information that has been provided to me that is deemed reliable but not warranted. (Don't you love disclaimers!)