First-time Homebuyer Tax Credit Extended

The U.S. Congress has approved a bill that extends and broadens tax credits that were set to expire this month. The bill extends the credit for contracts signed by April 30th and closing by June 30th.  Income limits are expanded to cover more affluent buyers; couples earning up to $225,000 and individuals earning up to $125,000 annually now qualify.

*The new proposed bill will also creates a new $6,500 credit for qualified buyers who have owned their current home for at least five years. Homes worth more than $800,000 would not be eligible.

President Obama is expected to sign the bill as early as tomorrow.