Great news for homebuyers! Congress has just voted to extend the $8,000 credit for first time homebuyers though April 30, 2010 (with an additional 60 day extension for buyers who are under contract at the time of the expiration)! Moreover, current homeowners are now going to be eligible for a smaller credit of up to $6,500 to buy a new home. Current homeowners must have lived in their current residences for five years or longer.

The new legislation also increases the income limits for the credits. Until now, only tax filers earning a maximum of $75,000 (single filers) or $150,000 (joint filers) could claim the credit. Those limits have now been increased to $125,000 and $225,000, respectively.

For either credit, the home being purchased cannot have a price exceeding $800,000.

Contact us for more details on this credit!