Serving the entire greater Tampa Bay area.  Please visit www.CharterBayHomes.com after reading our blog.

On Nov. 6, the president signed the new Worker, Homeownership, and Business Assistance Act of 2009 into law. The centerpiece of this legislation is the extension and liberalization of what is now inaccurately called the first-time home buyer credit.

Here are the 10 most important things to know about the revamped credit.

1. New purchase deadline extends into 2010

The home buyer credit was previously scheduled to expire on Nov. 30, 2009. The new law extends the deal to cover purchases of U.S. principal residences that close by April 30, 2010. However, if a home is under contract on that date, the deadline for closing is extended to June 30, 2010.

2. Existing homeowners can now qualify

The new law allows a reduced credit for existing homeowners who buy a replacement U.S. principal residence after Nov. 6, 2009. The credit equals the lesser of: (1) $6,500, or (2) 10% of the price of the replacement home, or (3) $3,250 for a buyer who uses married filing separate status. The new existing-homeowner credit is only available for purchases that close after Nov. 6, 2009. To qualify, the buyer must have owned and used the same home as a principal residence for at least five consecutive years during the eight-year period ending on the purchase date for the replacement principal residence. If you’re married, your spouse must pass this test too (whether or not you file jointly).

Click Here for the rest of the article written by Bill Bischoff for SmartMoney.

Charter Bay Home Builders, www.CharterBayHomes.com , is a custom home building and remodeling contractor working throughout the Tampa Bay area including, Pinellas, Lakeland (Polk), Pasco, Hernando, Hillsborough, Manatee, and   Sarasota.  As a green certified builder, Charter Bay can offer any level of “green” desired based on any budget.  Visit our website today to learn how “The Charter Bay Way” delivers our customers “Yesterday’s Values, Today’s Technology, and Tomorrow’s Vision”.