If you’re in the market for a new house or recently unemployed, some good news hit home this week. The Senate voted Wednesday on measures to extend the first-time home buyers tax credit as well as unemployment benefits; the bill passed by a vote of 98 to 0. On Thursday, the House of Representative passed the bill by a vote of 403-12. The bills are now making their way to President Barack Obama to sign. President Obama has made it very clear that he WILL sign them into law. So how does this work for you?

Not Just a First-Time Home Buyers Tax Credit

So do you want to buy a house but you’re not ready to buy one this year? If so, I have some good news! According to Fox Business the Senate voted unanimously Wednesday to extend the $8000 first-time home buyer’s tax credit.  The current tax credit will be extended to April 30, 2010. This means that you as a first-time buyer can take advantage of the credit as long as you have a contract in place by April 30, 2010 and close on the mortgage before July 1, 2010.

Have you owned a house for at least five years out of the past eight years and are looking to move into something bigger? If so, I have good news for you too! In addition to the extension of the original credit, the Senate has also introduced a new home buyer’s tax credit for those who already own a home and are looking to move. Those who have owned a home for at least five years out of the past eight years would also be eligible for a tax credit of $6500 if they move.

The tax credit for first-time home buyers currently allows first-time home buyers to claim a tax credit equal to 10 percent of the home’s purchase price up to the maximum of $8,000. The credit, which is set to expire on November 30, 2009, has allowed the housing market to come back from its recent fall. Many bankers, financial analysts, and realtors feel that the housing market could decline once more if the tax credit is not extended. Many have spoken and the Senate listened. However, the Senate has assured consumers that the tax credit will NOT be extended beyond April 30, 2010.

In addition to introduction of the new tax credit, the Senate has also raised the maximum income earnings that qualify an individual for the tax credit. Currently any single buyer who earns over $75,000 or a couple who earns over $150,000 a year is not eligible for the current credit. However, under the new law, a single buyer can earn up to $125,000 and a couple up to $225,000 a year and still be eligible for the tax credit.

When you’re ready to purchase a house, check out Quizzle to calculate how much home you can afford.

Unemployment Benefits Don’t Have to End Now

Currently unemployment stands at 9.8% and is expected to rise another .10% when the latest figures are released November 6, 2009.  Even though some analysts feel that the economy is slowly rising, many of those unemployed still can’t find work. If your unemployment benefits are coming to an end there is no need to worry, as your benefits will be extended up to an additional 20 weeks.

The Senate has passed a bill that will extend unemployment benefits for an additional 20 weeks in states that have an unemployment rate of 8.5% or higher, while all other states will receive a 14 week extension. To see how many weeks you may qualify for check out the Bureau of Labor Statistics.

Here at Quizzle we want to keep you posted with the latest news. Check back often to find out the latest scoop on the two major economic bills.