Courtesy:  Scott Medsger – Hometrust Loans

As expected, the extension of the tax credit for first time homebuyers passed both the House and Senate and now awaits the Presidents signature.  For First Time Homebuyers, or those that have not owned a home in the past 3 years, the tax credit remains the same at $8000.  Income restrictions maxing out at $125,000/yr for single tax payers and $225,000/yr for couples.  Current homeowners which are those that have owned a home for five of the previous 8 years, can also take advantage of the credit with a slighly lesser amount – $6500.  The same income restrictions apply.  To qualify for the new program, buyers must have executed purchase agreement by April 30, 2010 and close by June 30, 2010.