Yesterday, we posted some news about the first time home buyer tax credit being extended until April, along with some changes to the credit, including allowing existing homeowners $6,500 towards their purchase of a “move-up” home. (Note: There are more details to this new bill, so if you are interested, be sure to read up on it thoroughly!)

Well, the Senate and House passed the bill, both unanimously, and sent it over to President Obama for his signature.

Here are some of the proposed changes that would take effect December 1st, if signed by the President:

The new legislation increases the income limit for couples with income up to $225,000, a nearly $55,000 increase above the level in existing law.

For the first time, the new legislation makes buyers who already own a home eligible for a credit.  A $6,500 maximum credit will be available to existing homeowners who have lived in their current residence for five of the prior eight years.  The legislation limits eligibility for the existing homeowner credit  to homes worth $800,000 or less.

The legislation takes effect December 1 and is not retroactive.  Both credits are available only for primary residences, not second homes or investment properties.

Stay tuned for updates on this bill!