Both the House and the Senate passed the bill to extend and expand the home buyer tax credit. It will go to the President today for final approval. I have been careful not to post information about this too early, but now I feel pretty confident it will be effective soon.

This bill will allow first-time home buyers to purchase up to April 30th and still receive the $8,000 tax credit. In addition, the bill has increased the income limits for those eligible to receive the first-time home buyer tax credit from $75,000 as a single filer to $125,000. If you are married the limit was $150,000 and is now $225,000. It also allows move up buyers that have been in their home for 5 or more years to receive a $6,500 tax credit, which is new and exciting.