First Time Home Buyers Credit Extension

I just received a notice from my local real estate association the bill is not final, but an extension is imminent. The latest version extends the program to sales signed by April 30. Purchasers would have 60 days to close. The credit will also include "step-up" buyers who have lived in their current home for at least 5 years!! Very good news!!

The credit will be cut 10% to $7,290 but income eligiblity for first time home buyers will stay the same. The income will rise for "step-up" buyers to $125,000 for individuals and $250,000 for couples.

Let's all keep our fingers crossed that this goes through!!!