Talk has gone back and forth about extending the current tax credit for 1st time home buyers, but nothing is concrete at this point.  The bill to extend the credit has to pass both the Senate and the House, before going to the President to sign.

The tax credits would be available to home buyers who sign sales agreements by the end of April 2010. In order to receive the tax credit (according to Senate’s current version of the  legislation) home buyers would have to close (Settlement or close Escrow) by the end of June 2010.  This bill also would include current owners who have owned and lived in their home for a least 5 of the past 8 years.

Now DON’T get all excited yet…..apparently the Senate passed their version, but that doesn’t mean anything!  Remember it still has to pass the House, and be signed by the President.

The Senate tacked this homebuyer extension on with 2 other bills, one for extending unemployment benefits, and one for a tax credit for struggling businesses.  The House could vote on this as early as today!

Update: Thurs Nov.5th- the House just voted 403 to 12 to extend the home buyer tax credit,  President Obama is expected to sign this bill, then it will extend the tax credit as outlined above.

President Obama signed the extension!