The U.S Senate proposed the much awaited bill on Wednesday that would extend the $8,000 government tax credit for first home purchases. The new bill extends the credit, which was originally supposed to end in December, so that first time buyers may qualify by signing purchase agreements up until April 2010 and close by the following June. Additionally, the bipartisan trio working to now have the bill signed in the House proposed an additional $6,500 credit for repeat buyers who have owned their homes for at least five years.
This is great news! Not only will first-time buyers have a prolonged opportunity to take advantage of this great opportunity, but repeat buyers can now participate! Let's hope this bill can smoothly makes its way through the House and gets signed into law quickly!
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