Updated Nov. 17, 2009, to add more information on the new legislation
New legislation, the Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts. The new law:
* Extends deadlines for purchasing and closing on a home.
* Authorizes the credit for long-time homeowners buying a replacement principal residence.
* Raises the income limitations for homeowners claiming the credit.