Unemployment benefits and home buyers tax credit extended, again...

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Today President Obama is expected to sign legislation that extends unemployment benefits for 14 weeks in all states and 20 weeks in states that have 8.5% unemployment or higher. One drawback of this legislation is that those who lost unemployment benefits since the last extension was exhausted - about four weeks - will not be eligible to collect benefits for those weeks.

The New York Times has an FAQ article that answers some unemployment extension questions: Extended Unemployment Benefits: F.A.Q.

Along with the unemployment benefits extension, this legislation will also include a home-buyers tax credit extension with additional eligibility:

If you are one of the many people who want to buy a home but just can't close prior to December 1, 2009, then you are in luck. Congress has finally extended the first time home buyer tax credit into 2010.

The first time home buyer tax credit extension allows a buyer to enter an agreement with a seller by April 30, 2010 and close on the house by the end of June 30, 2010. First time home buyers are defined as anyone who has not owned a home for the past 3 years. First time home buyers will get an $8,000 tax credit, similar to the tax credit for much of 2009. Other home buyers, who have owned their current home for at least five years, are eligible for a $6,500 tax credit.

First Time Home Buyer Tax Credit Extended Until April 2010