First Time Homebuyer Tax Credit Extension – Update

There is a lot of mis-information being posted and talked about. 

The extension for the first time homebuyer tax credit has NOT yet been passed.  The Senate is not expected to vote on this until next week sometime at the earliest.  It is my understanding that after the vote passes the Senate, it will go to the House of Representatives for their vote.  From there, it will go to the President for his signature. 

Here is the proposal as it stands today:  The $8,000 tax credit for first time homebuyers will be extended until April 30, 2010.  Income limits for this tax credit will also be raised.  They are also wanting to add benefits of $6,500 for homeowners wanting to sell that have been in their homes for at least 5 years.  They have also added that this extension is final… it will not be extended again.

Remember all of this is still a dream….nothing has been voted on as of yet.

To read more about the bill click here.

I am monitoring this and will report changes to you as they happen.  If you have any questions, feel free to let me know!

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