Late Wednesday, the Senate voted 98-0 to extend the first-time homebuyer tax credit of $8,000 to April 30.
The Senate has reached a compromise to extend the existing $8,000 credit for first-time home buyers who sign a purchase contract by the end of April 2010 and close by the end of June. In addition, existing home owners may qualify for a $6,500 credit on a home purchase, if they have owned the home they are selling for at least five consecutive years out of the past eight. The income limit would be raised to $125,000 a year for individuals and $250,000 for married couples, up from the current income limits of $75,000 and $150,000, respectively.
If these provisions become law, will it push you off the fence? Why or why not? Let us know.
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