Homebuyer Tax Credit Extension and Expansion One Step Away

The Homebuyer Tax Credit and Expansion is just one step away. Following the unanimous Senate vote on Wednesday, the House voted 403-12 this afternoon to extend and expand the credit. The bill is now awaiting signature from the President who is expected to sign it as early as Friday.

Not only will the bill extend the credit for first time homebuyers, but it will also expand the credit to include homeowners who have owned their home for at least five years, for a credit of up to $6,500. First time buyers will still be eligible for a credit of up to $8,000. All sales contracts would need to be in place as of April 30, 2010. Buyers would then have 60 days to complete the transaction. In addition, the income limits have been increased to $125,000 for single filers and $225,000 for joint filers.

Happy House Hunting!