$8,000 first time home buyer extension is on it's way.  Contrary to reports I saw in the news media last week, the extension is not set in stone at this point.  However; It now appears that it's headed for President Obama's desk soon. 

Here's what we expect to see as a final bill:

The $8,000 first time home buyer credit will be extended through April 30th 2010

A new $6,500 home buyer tax credit will be available to buyers who have owned a home for 5 of the last 8 years. 

Qualifying income limits are raised to $125,000 for individuals and $225,000 for couples.

Extend the credit for one year to military personel having served at least 90 days outside the USA in 2009 and 2010.  Military members get a much needed break here.

The bill also provides for Military Homeowner Assistance Program (HAP) to be tax free.

Great news for my Fort Lewis and McChord military clients that have received orders unexpectedly out of the area.  There's help for you, just give me a call 253-820-2745.

Now remember, this bill still needs to pass in the house and must be signed by the President to become law. BUT, all indications point to this bill sailing through the house this week and possibly hitting the President's desk sometime next week. 

Brett Tousley is the designated Broker and owner of NW Home Brokers.  Specializing in residential real estate sales and marketing in Pierce, King, Thurston and Kitsap counties Washington.