$8000 First-time home buyer tax credit extension and existing homeowner tax credit of $6500

The senate passed the bill that extends the first-time home buyer credit of $8000, yesterday.

Today, the house approved the measure, which extends the $8000 first-time home buyer credit until June 30, 2010. Home buyers must has a sales agreement by April 30, 2010 and close/go to settlement by June 30, 2010.

The measure which passed comes with an additional bonus. Existing homeowners who have lived in their homes for 5 years (consecutively) over the past 8 years can qualify for a $6500 credit.

Qualification income for first-time home buyer credit and existing homeowner credit.

$125,00 for single tax filers. $2250,00 for joint tax filer. This is an increase over the current $75,000/$125,000 limits.