Updated information that I thought we should share.Â The House of Representative approved legislation to extend and expand the current $8,000 first time homebuyers tax credit.Â The House vote came after the Senate voted yes on Monday evening.Â Hopefully the bill will have made it through President Obama by the end of this week!
The current extension of the $8,000 tax credit for first time homebuyersÂ would be for an individual with income up to $125,000 a year and couples up to $225,000 per year.Â This extension will hopefullyÂ be in affect for homes underÂ contract by April 30, 2010 and closed by June 30, 2010.Â
NEW NEWS is the tax credit will hopefully be expanded to non-first time homebuyers.Â There will be some adjustments to this bill before it is passed completely.Â Currently they are hoping that for non-first time homebuyers you will be able to receive $6,500 tax credit IF you have owned your home for at least five of the last eight years.
DON'T forget THIS IS NOT FINAL!!!!Â If the bill is approved we may see some changes to this current proposal.Â We will keep everyone updated and please let us know if you have any questions.Â Have a great week!