The extension of the First Time Home Buyer tax credit was just approved by the house after receiving unanimous approval by the Senate yesterday.
The bill as it was passed extends the time frame on the First Time Buyer Tax Credit to all home buyer's who are under contract by April 30, 2010. The deal must be complete by June 30, 2010. What I really like is that home buyer's that have previously bought, but have been in thier homes for 5 consecutive years may also get a credit up to $6500. That resolves an issue I had with the first bill, that it was biased.
One seller asked me, "what will the effect be on sales for the next 60 days if this passes?" The answer to that is unknown. What we do know is that it will extend the favorable buying climate through mid-spring which will be nice for everyone.
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