The U.S. House Passes Homebuyer Tax Credit Extension

Yes, they can! Republicans and Democrats can agree on something!

As reported by DSNews http://www.dsnews.com/articles/house-passes-homebuyer-tax-credit-extension-2009-11-05

The U.S. House of Representatives decided Thursday to extend and expand the federal homebuyer tax credit. The legislation passed with a vote of 403 to 12.

It cleared the Senate Wednesday, with unanimous approval. President Obama is expected to pen his name to the bill and make it official.

The $8,000 tax incentive for first-time homebuyers, which had an expiration date of November 30, will be extended through April 30 of next year.

The tax break has been expanded to include a new category of buyers – those who have lived in their current home for at least five years, but want to purchase a new home as their primary residence. The credit amount for these buyers will begin on December 1 and is $6,500.

The April 30 deadline is the date by which buyers must have signed a purchase contract, eliminating the mad frenzy to eek closing out by the sunset date. Another 60-day window beyond the end of April is allowed to complete the closing of the deal.