The Senate voted on Wednesday to extend the first time home buyer tax credit and today the bill will go to the House for a vote. I am keeping my fingers crossed that this bill passes, which will mean first time home buyers and NOW repeat buyers will qualify for great tax credits in teh end of 2009 and into 2010! 

Some of the details are as follows : first-time homebuyers will still get up to $8,000 if they are under contract by 4/30/2010 and close by 6/30/2010. In addition, buyers who have owned their current home for at least 5 years will qualify for up to $6,500! 

This credit will be available for the purchase of primary residences of $800,000 or less and the income restrictions have been changed to $125,000 for single filer and $225,000 for joint filers.

More details to follow, I'm keeping my fingers crossed that this will be extended into 2010! If you are interested in buying or selling in the Kansas City area, then Come To Papa For All Your Real Estate Needs!

Brad Papa

http://www.PapasInTheHouse.com

Brad@PapasInTheHouse.com