Tax Credit Extension Approved

The tax credit was approved today by a landslide vote and in record setting time. The President has said he will sign it as soon as they get it to him on Friday. The bill will allow buyers that already own a home to get a credit up to $6500.00 and first time buyers to get up to $8,000.00. Other changes include raising the income levels to $150,000 for singles and $225,000 for married couples which makes nearly all first time home buyers eligible for the savings! Also extended is the timeframe to close moving it from Nov 30, 2009 to June 30, 2010. They must be in contract by May 1, 2010.