Talk about Good News…..but the wait was well worth it.

According to an email we just received from RAMB,

Yesterday, the U.S. Senate voted (98-0) to pass a bill which extended and expanded the federal homebuyer tax credit.  Today, the U.S. House of Representatives did the same (403-12).  It’s now on its way to the President for his signature which is expected to happen as early as tomorrow!

CLICK HERE to view (and print) a one-page PDF document that outlines the final changes that were approved.  All changes made to the current credit and the new additions will become effective when President Obama signs the bill.  To summarize:

Amount:                              Up to $8,000
Who:                                   First-time homebuyers — same definition as current law

Amount:                              Up to $6,500
Who:                                   Repeat purchasers.  Must have used previous home as a principal residence for 5 of the 8 previous years.

Income Limits:                    $125,000 for single filers/$225,000 for joint filers.  Same for both first-time and repeat/move-up buyers.

Time Frame:                       December 1, 2009 to April 30, 2010
(also includes a 60 Day extension if binding contract is in place by April 30, 2010)

Limitation on cost purchased home:    $800,000

Anti-fraud measures have been added.

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