Great news!

 

The Senate plans to extend and expand the $8,000 tax credit for first-time homebuyers!  The new terms for the credit have not been approved and are pending the acceptance from the Senate and the House.

 

If passed, the credit would extend to June 2010.  A new $6,500 credit would be available to existing homeowners who have lived at their current residence for more than 5 years.  Qualifying limits have been raised for single taxpayers and joint taxpayers from $125,000 and $250,000, respectively.

 

To qualify, the purchased property must be used as a principal residence. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats.  Buyers must have sales agreements in hand by April 30, but they will have until June 30 to go to settlement.

 

And best of all... there is NO repayment plan for this credit!

 

For more information, please go to:

http://rismedia.com/2009-10-29/breaking-news-senate-plans-to-extend-and-expand-tax-credit/