Passed congress now we have to wait to see if it is signed in the version that it is in. The popular opinion is that it may be at the White House on Friday!

Great news J. Robb, the Senators have agreed to extend the homebuyer tax credit. It is extended until the end of June to close on your new home and have to be in contract no later than the end of April. Happy house hunting and best of luck to you :)

There still could be many changes to what is currently being talked about, but the concensus is that it will still be available in some form or other through the Spring Market and also be open to step-up buyers. My suggestion to buyers if the tax credit is extended is to NOT WAIT until the busy spring market to purchase, but to take advantage of the homes currently on the market or coming on the market before spring. In the Toledo OH area we have run into a number of multiple offers which resulted in buyers paying higher prices to get the home they wanted.

jerry is tracking right,and I heard even june 30th.Seem they will,you'd be lucky to get this one by nov 30 J ROBB

J Robb nothing absolute yet. The politians are still talking and trying to get their pet projects funded. When there is a final version voted on we will hear about it quickly. There will be even more news when the President (or as ABC news calls him Mr. Obama) signs it into law.
Be prepared for additional filing requirements for the refund as the IRS has caught over 100,000 fraudulent claims on the 8,000.00 refund as they reconcile on monies disbursed .
That is over 8,000,000,000.00 in fraud!

The Senate needs to vote on the legislation extension and the official vote is projected by late next Tuesday. So the final result could be available by Wednesday.

The latest version is ... the tax break would be available to buyers who sign a contract by April 30, 2010, and close by June 30 – that part hasn’t changed.

The credit amount is still based on 10 percent of the home’s purchase price, but now, the maximum available to first-time buyers would continue to be $8,000. Other buyers, who’ve lived in their current residence for at least five years but want to relocate to a new primary residence (not a vacation or investment property), could get up to $6,500 – the incentive for these buyers would begin on December 1 of this year.

The income limits for both first-timers and step-up buyers would be $125,000 for individuals and $225,000 for couples – up significantly from the current first-time buyer thresholds of $75,000 per individual and $150,000 per couple.