Homebuyer Tax Credit Poised For 3-Month Extension

First-time homebuyers looking to snag the up to $8,000 income tax credit that expires today could get a reprieve. If you already signed the purchase contract by April 30th but haven’t closed yet, you will have 3-months to seal the deal, if a bill passed by Congress yesterday makes it through the Senate, which it seems it will.

Congress approved the measure 409 to 5. A similar bill was introduced in the Senate Tuesday. Majority Leader Harry Reid, D-Nev, said it “should be passed swiftly.”

Here’s info on how to qualify for and claim the tax credit.

House approves homebuyer tax credit extension [CNNMoney]