The senate voted to extend the first time home buyers tax credit and has offered up a move up tax credit to purchasers that have lived in their homes for 5 more years.

Here are the highlights to the new Bill-HR 3548

Trade up buyers that have owned for 5 or more years=up to $6500 credit.

First Timers or anyone that has not owned for 3 or more years=up to $8,000

Buyers MUST sign the purchase agreement by April 30th and close by June 30th 2010!

The credit is phased out for those with incomes above $125k single or $225k for joint filers.

This is a tax credit and not money back.

Looks like a GREAT time to trade up while interest is still low and inventory is high!

Regards

Richard

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