First-Time Homebuyer Tax Credit Expected To Be Extended

The Senate and House voted in favor of extending the first-time homebuyer tax credit. As you know, the legislation extends, through April 30, an $8,000 first-time homebuyer tax credit and creates a new $6,500 credit for homebuyers who have been in their current residence for the last five years or more.

The Senate unanimously voted Wednesday night (98-0). The House just passed the bill this afternoon (Thursday, November 5th) (403-12).

President Obama is expected to sign the legislation tomorrow, Friday, November 6.

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