Orlando & Lake Mary First Time Home Buyers have something to be happy about this morning. The First Time Home Buyer Tax Credit has passed the Senate last night with a majority vote of 98-0. Now the bill goes to the House where it could be voted on as early as today.

The passing of this bill is great news, but what's even better is this tax credit not only applies to first time home buyers but to home owners looking to purchase a move up home. I think this is the last little boost the housing sector needs to keep the ball rolling in the right direction and help it stabilize some. Lets take a look at what this Home Buying Tax Credit entails. 

First Time & Move Up Buyer Tax Credit

$8000 for First Time Home Buyer*

$6500 for Move Up Buyers*

Homes must be under contract by April 30, 2010 and close by June 30, 2010

For Men/Women serving our country outside the US the tax credit is extended an additional year til April 30, 2011

* What makes you a first time home buyer - anyone who hasnt  owned a home in the last three years and as a single filer makes less then $125,000/yr or joint $225,000

** What makes you a move up home buyer - Someone who has owned their current home at least five years and same income limits apply.

It's not a done deal yet but with the large support in the Senate it's said to pass the House quite easily. If you have been thinking about purchasing Lake Mary Real Estate or even Orlando Real Estate then now is the time. Leaders are saying this tax credit will not be extended again. 

Real Estate in the Central Florida area is some of the lowest it has been in years, coupled with the tax incentive and very low interest rates you have the perfect home buying storm.

For more information on being a First Time Home Buyer and how to get started read my guide to Buying your First Home - You only get one First.

But if you're a more saavy and experienced Home Buyer looking to move up and tax advantage of the new tax credit read my site on Moving with Families & Relocation.

Get started on your search visit HEATHER THE REALTOR stop by the site to chat live, give me a call at 407-218-5099 or email me at Heather@HeatherTheRealtor.com