Good news?  You bet.

Both houses of Congress have passed the extension for the $8,000 first time home buyer tax credit and have expanded the credit to include current home owners that have lived in their home for five consecutive years out of the past eight years.  They have also raised the income limits for those who are leigible for the credit.  This is a huge plus for people currently in the process of buying a home and for those who have been “on the fence.”

The catch is that you must be under contract by April 30th and settled by July 1st.  This gives some breathing room to a lot of people to get their ducks in a row and take advanatge of a credit I am sure will not last forever.

• Here is a link to a podcast by the President of the National Association of Realtors explaing the details of the tax credit – Click Here.

• Here is a document that shows you — side-by-side — the differences between the existing program and the new program. - Click Here

President Obama is expected to sign the legislation into law tomorrow.