Senate Extends AND Expands $8,000 Tax Credit

More great news for homebuyers…late Wednesday that Senate unanimously extended the $8000 first time buyer tax credit, also expanding it to include a $6500 tax credit to all buyers who are not first time home buyers. The new deadline is April 30, 2010.

The current tax credit program was scheduled to expire on November 30, 2009. Under both bills buyers need to be in the earning bracket of $125,000 or less as an individual and $225,000 or less as a couple to qualify for either credit. The new home cannot cost more than $800,000.

The expansion credit to all non-first-time home buyers also requires the move-up buyers to have lived in their current home for at least 5 years before purchasing,

The House still must approve the credit expansion but is expected to do so.