iStock_000007315786XSmallThe House of Representatives has just voted to pass the Senate’s new unemployment benefit bill, which passed the Senate Wednesday, 98-0. Attached to that bill is not only an extension — but expansion — of the homebuyer tax credit. The president is expected to sign this bill into law.

Here are the details as they existed in the Senate bill: (Please note: we haven’t found a lot of details about the House passage. We’ll publish all confirmed details when we find them.)

  • Buyers must sign a purchase agreement before April 30, 2010 to get one of these credits
  • The credit will still be offered to first time buyers for up to $8000
  • A new credit of up to $6500 will be offered to repeat buyers who have owned their current home for 5 years or more.
  • Credit is only for principal homes of $800,000 or less
  • The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.

Read more from the Associated Press.

Remember, bills have to pass both houses! We saw a lot of reports about the credit becoming a reality, but we wanted to wait for House passage for confirming. There’s always a lot of confusion when bills pass through committees or parts of congress. Stay tuned to the blog for updated info. We expect a lot of interest in these expansions.

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