Great News! $8,000 tax Credit Extended until April 2010

Today the Senate passed the extension on the $8,000 tax credit. The home buyer tax credit was due to expire in 28 days. The Senate has passed the extension until April 30th, 2010.

The $8,000 maximum first-timer credit will continue and will now be available to couples with income up to $225,000, a nearly $55,000 increase above the level in existing law.

What is new in the law?

$6,500 maxiumum credit would be available to move-up homeowners who have lived in their current residence for five of the prior eight years.

The tax credit has fired the housing market, driving existing home sales to the highest level in over two years. Sales jumped 9.4% according to the National Association of Realtors!