Senate unanimously approves Home Buyer Tax Credit Extention until April 30, 2010

It's the same credit as before, but with additional benefits and stipulations.

$8,000 tax credit to first time homebuyers.

$6,500 for repeat purchasers (those who have used previous home as principal residence for 5 of 8 previous years).

Set income limits at $125,000 for single and $225,000 for joint filers.

The credit is available until April 30, 2010, with a 60 day extension if binding contract is in place by April 30th.

Purchase price of home must not exceed $800,000.

The House of Representatives may adjust some details, but if no changes are made President Obama could sign it by the end of the week.

This news combined with the fact that the interest rates are being kept so low makes this a very smart time to buy property... from me. ;)

UPDATE:

THE HOUSE AND SENATE HAVE PASSED THE CREDIT EXTENTION, SO ALL OF THE ABOVE INFORMATION IS CORRECT.

For additional information, check out http://www.federalhousingtaxcredit.com