First-time home buyers credit and a provision to extend for move-up buyers passed today! by Bo Kociuba, Yukon Realtor, www.Okla-OK.com

Today the legislation passes 85-2 to extend the first-time home buyers tax credit and a provision to extend the credit to move-up buyers!

Such high voting makes it virtually certain that the legislation will reach President Obama for his signature this week.

The bill calls for credit to be extended by 7 months and to expire on April 30, 2010. So the first-time home buyers do not have to worry about closing on the house after the November 30th date which was the original deadline.

The $8,000 maximum first-timer credit will continue and will be now available to couples with income up to $225,000, a nearly $55,000 increase above the level in existing law. A new $6,500 maximum credit would also be available to move-up homeowners who have lived in their current residence for five of the prior eight years.

More details to follow ...

With smiles,

Bo in Yukon