Last night, the Senate unanimously approved an extension of the current $8,000 first time homebuyer tax credit. The House is expected to approve the measure in the next few days and then on to the White House for signature sometime next week. The current proposal would give qualifying homebuyers until April 30th to sign a purchase contract and an additional 60 days to close. In addition, homebuyers who previously owned a home for at least five consecutive years in the previous eight years would be eligible for a $6,500 tax credit for new home purchases. The income limits would expand to $125,000 for individuals and to $225,000 for married couples. Updates will be forthcoming as the bill moves forward.
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