House Passes Home Buyer Tax Credit Extension!

The $8,000 tax credit extension and expansion has been approved by the House and now heads to the President to be signed…here's the details:

Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn't owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.

The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit will be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.

This is probably the last extension so don’t miss out!