Good news for home buyers who haven't owned a home in the last 3 years and for current home owners who have lived in their home at least 5 years and want to buy a new principal residence.

The $8,000 tax credit has been extended for FTHB (first time home buyers) and a new tax credit of $6,500 will be given to buyers who buy a new principal residence and have lived in their current property for at least the past 5 years.

You must be in contract by April 30, 2010 and the escrow must close by 06/30/2010.

Those in the military who have served outside of the U.S. at least 90 days will get an extension of an additional year and escrow must close by 06/30/2011.

I don't have any further info at this time and will update you once this has been signed into law.

Thank you again for your support and feel free to pass this on to anyone you know who may benefit from this new legislation.