Thursday, November 5, 2009

Homebuyer Tax Credit - Extension Update

Good news from Washington. The House will vote today on a bill that would extend the first-time homebuyers tax credit. The Senate passed the legislation 98-0, yesterday.

The current $8,000 tax credit for first-time homebuyers set to expire at the end of the month, President Barack Obama is expected to quickly sign the measure into law to extend benefits through April 2010. The program would also allow a $6,500 credit for homebuyers who have lived in their current residences for five years.

Sibcy Cline Realtor Michelle Sloan says, "This is the incentive needed to help some buyers make a commitment and it gives them a little time to get their financial situation in order to buy a home."

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