First Time HomeBuyer Tax Credit Extension

First Time HomeBuyer Tax Credit Extension

The update on this tax credit is that the Senate is supposed to vote on what is called the "Extended and Expanded Tax Credit" today. The bill is to allow $8,000 tax credit for ALL home buyers (buyers who are stepping up into another home are eligible IF they have lived in their current home for 7 years). The income credits will remain similar at $125,000 for single and $225,000 for joint. It will be available until April 30, 2010 and anyone in a binding contract may obtain a 60-day extension if needed to close.

First Time HomeBuyer Tax Credit Extension