The Senate has passed legislation to extend the tax credit for first-time home buyers. The House is expected to quickly approve the measure and send it to President Obama for signature.
Originally set to expire at the end of this month, the credit provides up to $8,000 for qualifying buyers. Now the credit will be available to buyers who sign purchase contract by April 30, 2010, and close their sale by the end of June.
In addition, the credit has been expanded to include qualifying homeowners who have lived in their present home at least 5 years and plan to purchase a new home. This credit would have a cap of $6,500.
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