Loan Limit and Home Buyer Tax Credit Extended

The House and Senate approved a continuing resolution including a provision to extend current FHA loan limits through next year.

The Senate announced they have agreed to an extension of the $8000 first-time home buyer tax credit through April 30, 2010. The tax credit was set to expire November 30, 2010.

The provision would keep in place current conforming loan limits of $625,000 ($729,750 in Manhattan and designated high-cost areas). Without approval from the Senate, those limits will expire December 31.