The first time home buyers tax credit extension looks like will actually happen. The latest news is that the extension will offer tax credits to home purchases under contract by April 30th, 2010 while allowing another 60 days to close on the sale. The newest proposal is that the income levels for the tax credit have increased. The new proposal is individuals up to $125,000 and couples up to $250,000; this is an increase from $75,000 for individuals and $150,000 for couples.

For “move-up” buyers or individuals who have lived in their current home for five or more years the tax credit would have the maximum of $6500. Please remember that this just a proposal and nothing has been confirmed yet. Yet, it looks as if the tax credit extension is a reality and many first time home buyers are going to get their wishes of having the tax credit moved forward.

With the extension getting very close to being signed or denied it is important that Washington know how you feel. Please make sure to voice your opinion by contacting congress@ 2022243121