Well, it looks like the extension of the home buyer tax credit is gaining steam. It seems like the House of Representatives is poised to pass it and that the Senate, after more deliberation, may very well pass it, too.  This is what I hear is going on:

• the current $8,000 tax credit for first time home buyers will be extended. This includes people who have not owned a home within the last three years.
• “move up” home buyers — home buyers that have lived in their current home for five consecutive years out of the last eight years — will get a $6,500 tax credit
• the home must be under contract by April 30th and close by July 1st
• as a side note, FHA loan limits that were increased last year will be extended at their higher limits through next year.

If this actually makes it through the House and Senate and is signed by the President the housing market has a prayer of continuing it’s ever so slight rebound.

Keep your fingers crossed.

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