As of today, both the House and Senate have approved a version of the tax credit extension. The only missing item is the Presidents name in ink approving the legislation. We fully expect this to happen by the end of the week. Here is what we are 95% certain it will look like (please note this is not final and more changes could come):

- Tax Credit will be extended to cover homes that are under contract by April 30th , 2010. Those contracts/purchases would need to close no later than June 30th , 2010.
- Income limits for eligible buyers would be increased. Single limit: $125,000 Married limit: $225,000.
- Tax credit would cover both first time homebuyers AND repeat buyers.
o Credit for first timers would be a max of $8,000.
o Credit for repeat buyers would be a reduced $6,500 and the repeat buyer must have owned a home for at least five of the past eight years to be eligible for the credit.

It is important to remember that this is not final and that more changes could come. As soon as this is final we will be sure to let you know.