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Senate and House Extends Buyer Tax Credit

The Senate and the House has approved an extension of the $8000 tax credit for first-time homebuyers!  The legislation also provides an additional $6,500 tax credit for individuals who have owned their home for 5 of the past 8 years when they purchase another property.  The legislation extends through June of next year as long as a buyer enters into a binding contract before April 30, 2010.  It raises the income ceiling for qualificaiton to $125,000 for individuals and $225,000 for couples.

Lawmakers have stressed that there will be no further extensions of this tax credit.  If you are considering a move, this is definitely the time to take action -- low interest rates, reasonable home prices and a lovely tax credit!