The much anticipated home buyer tax credit looks to be on its way! The Senate passed it 98 to 0 and now it has passed the House. The next step is for President Obama to sign it and then it will be in place. Current rules are:

• Buyer to sign purchase agreement by April 30, 2010
• Purchase to close by June 30, 1020
• Max purchase price to be $800,000
• Vacation Homes not eligible
• Income limit for single taxpayer is $125,000
• Income limit for joint taxpayers is $225,000
• Move Up Buyers will need to have owned a home for 5 years