Senate voted “yes” on Monday night, and is preparing the final bill, which I expected to reach President Obama’s office by end of this week!
Under the new proposal, the first-time home buyer credit, expands the income criteria for individuals with income up to $125,000 a year and couples earning up to $225,000 to be eligible for the credit
In addition to extending the tax credit, the bill will also be expanded to non-first time homebuyers as well. However, for non-first time homebuyers – the “move-up” buyer credit is reduced from $8000 to $6500, and they must have owned a home for at least five of the past eight years.
Both the first-time buyer extension and the "move up" buyer credit for existing owners would take effect December 1st and would cover homes under contract by April 30th and closed by June 30th, 2010.
For more information on our current credit and how to qualify please visit national Association of Home Builders’ (NAHB) website, and watch this 7-minute video: