Earlier this week, the U.S. Senate passed an extension and expansion of the homebuyer tax credit. Yesterday, the House of Representatives approved the agreement reached in the Senate.  The bill has now passed both chambers and is awaiting the President's signature. 

The following explains the expansions and extentions of the tax credit:

1. The $8,000 tax credit will be extended and available for first-time purchases before May 1, 2010.

2. A new $6,500 tax credit will be available for repeat buyers who purchase between December 1, 2009, and May 1, 2010. To qualify for this provision, buyers must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.

3. Prospective purchasers with binding contracts in place as of April 30, 2010, will be allowed an additional 60 days to complete   the transaction.

4. Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.

If you know of anyone in the market to buy or sell or you are interested in taking advantages of these incredible tax credits, please contact us today!!  We can help you find your new home in both the Greater Cincinnati areas and Northern Kentucky area!!!  Remember now is the time to buy, interest rates are very low and prices are down!!