Senate voted on a bill to extend tax credit for first time home buyers. Anyone earning under $125,000 as an individual and $225,000 as a married couple will be eligible for the $8,000 tax credit as part of the stimulus package. Tax credit will enable any buyers that fit the government criteria to purchase a home and receive the the $8,000 tax credit back on their tax returns. Or they may be eligible to use the credit towards their closing cost.
Congress is scheduled to vote on another tax credit of as much as $6500.00 for people that already own a primary residence. If approved this would directly benefit existing home owners who wish to purchase a new home as a primary residence. Credit is for homes that are purchased under $800,000 and contracts must be signed no later than April 30, 2010 and close before June 30, 2010.
This appears to be the last chance to take advantage of the $8,000 tax credit for first time home buyers, it also is a chance for existing home owners to sell their existing homes and either upgrade or downgrade depending on their circumstances.