The House of Representatives voted today to extend the home buyers tax credit, expanding it to include existing homeowners who have lived in their current residence for five a minimum of five years.
The tax credit is extended until April 30, 2010 with an extension of 60 days if a binding contract is in place prior to that date.
The $8000 remains in effect for first-time buyers, with existing homeowners receiving $6,500. Income limits are also raised from $7,500 to $125,000 for single tax filers, and from $150,000 to $225,000 for joint filers.
In addition, taxpayers who complete a purchase in 2010 can claim the credit on their 2009 tax returns and home buyers do not have to repay the credit if they remain in their homes for 36 months.
Now is definitely the time to buy.