USDA Home Loans Blog

Congress voted to extend the $8000 tax credit and added a $6500 tax credit for current home owners.

The tax credit was extended till April 30th 2010. With this extension as long as you signed a contract to purchase by this date you have till July 1st 2010 to close.

The senate approved it yesterday and president Obama is expected to sign off by the end of the week.

To qualify for the $8000 tax credit you must be a first time home buyer which is anybody that has not owned a home in the last three years.

To qualify for the $6500 you must be a current homeowner that has lived in thier home for five of the last eight years.

Income limits apply to both options.