An extension to the 1st time home buyer tax credit was passed by the senate on Thursday and signed into law by President Obama on Friday.  It extends the benefits to the 1st time home buyer tax credit from November 7, 2009 - April 30, 2010.  Your new property must be in contract by April 30.2010 and must close escrow by July 1, 2010.

Along with the 1st time home buyer extension is a tax credit for non 1st time home buyers as well.  You must have used your current home (principle residence) for 5 years in a row of the previous 8 years.  This tax credit is for $6,500 for a married couple and $3,250 for couple filing separate.

Click on this link to see a comparision of these plans.

Please let us know if you have any questions.