The Fed has decided to extend the current $8000 first time home buyer credit that is supposed to expire as of Novermber 30, 2009. Both the Senate and House have approved the bill and now all that is left is for President Obama to sign it which will probably take place on Friday.
The new extension rules show that buyers have to have a contract on a home before May 1, 2010 and closed by July 1, 2010 to receive the tax credit.
A $6500 tax credit has been extended to current home owners who have lived in their current home for 5 of the last 8 years. The deadline is the same as the above $8000 tax credit.
It looks like there are still some great incentives to get out and purchase a home!
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