Tax Credit Extended Until April 30th & Second Tax Credit of $6500 for Second Home Purchases

For all you rich kids who are currently in escrow on new construction and don't have a finite close date or for those of you who are still looking for the perfect pad, this extension is the news that you have been looking for. There had been rumors for a while that they would indeed extend the credit, but nothing had been passed until a couple of days ago. What's even more exciting is that there is now a $6500 credit for repeat homebuyers who have owned their home for at lease five years. Here are the details as reported by the Associated Press for MSN:

"WASHINGTON - Senators agreed Wednesday to extend a popular tax creditfor first-time homebuyers and to offer a reduced credit to some repeat buyers.

The tax credit provides up to $8,000 to first-time homebuyers but is set to expire at the end of November.

Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev. The tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, said a congressional aide, who spoke on condition of anonymity because he was not authorized to publicly discuss the deal. "

Check out this site for more info on the federal housing tax credit. Now get out there and buy!