Great news for all the first time home buyers anxiously waiting to find a home and close by the end of November to take advantage of the $8,000 tax rebate.  The Senate voted yesterday to extend and actually expand the current home buyer tax credit to include many buyers who already own homes.   Now, we’re just waiting for the House to vote on the bill today.

The original bill allowed many of the first time home buyers to get tax credits of up to $8,000 since January as part of the economic stimulus package.  This new, extended bill would also allow buyers who have owned their current home for at least 5 years to be eligible for tax credits of up to $6,500.  To qualify for both tax credits, home buyers would have to have found a home by Aril 30, 2010 and closed escrow by June 30th.

READ MORE: $8000 tax credit explained

Things to consider when purchasing a home and using the tax credit