Tomorrow (Friday, Nov. 6), to be precise.

The House of Representatives today overwhelmingly (403-12) passed the initiative, which also extends the $8,000 tax credit for first-time homebuyers until April 30, 2010.

President Barack Obama is expected to officially sign off on the legislation before the upcoming weekend.

So what’s it all mean?

Essentially, if you have been living in your current home for at least five consecutive years (and you own it, of course), the federal government will reward you with up to $6,500 to purchase a new home. However, you must close on the new house no later than June 30, 2010, to receive the bonus.

It’s a great incentive for empty nesters, downsizers, upgraders and basically anyone else who wants to relocate or enjoy a change of scenery … and get rewarded for it.

Get a head start and begin your new home search today at Foreclosure.com. We have the best real estate deals in your area featured in our comprehensive database of more than 2 million nationwide listings.

Happy hunting … and congratulations in advance!

It looks like first time homebuyers will indeed have more time to take advantage of the $8,000 tax credit, which was scheduled to expire on Nov. 30, 2009, according to the New York Times.

Legislation to extend the popular program until April 30, 2010,  recently cleared a big hurdle in the U.S. Senate, receiving unanimous support among lawmakers (85-0). The initiative could land on President Obama’s desk for final approval at the end of this week or early next if it passes its next stop in the House of Representatives.

In addition to first timers, the new measure would reward existing homeowners — those who have lived at their current addresses for at least five years — with $6,500 tax credits for buying new homes.

And last but not least, the new legislation will raise the income limits for eligibility ($125,000 a year for individuals and $225,000 for couples), ensuring that more people can take advantage of the incentive.

Stay tuned for additional updates on this developing situation. For more background on the $8,000 tax credit for first time homebuyers click here.

It’s mad dash to the finish line as the $8,000 tax credit for first time homebuyers expires in about six weeks on Nov. 30, 2009.

The National Association of Realtors today released a report that reveals existing home sales were up nationwide nearly 24 percent in September (compared to Jan. 2009). It’s the largest increase in more than 26 years, according to the Associated Press.

The primary reason for the surge?

First-time buyers are scrambling to take advantage of the limited time government incentive, which was introduced earlier this year to spark the flagging housing market.

Lawrence Yun, NAR chief economist, had this to say regarding the good news:

“Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing many sellers to make a trade and buy another home. We are hopeful the tax credit will be extended and possibly expanded to more buyers, at least through the middle of next year, because the rising sales momentum needs to continue for a few additional quarters until we reach a point of a self-sustaining recovery.”

Currently, there is no telling if the tax credit will be extended. However, there are several key Senate lawmakers who are lobbying hard to keep it alive and well into 2010.

We’ll keep you posted.

In the meantime, feel free to search Foreclosure.com for the best real estate deals in your area before someone else beats you to it.

“… any time that there is an opportunity to receive cash back, it tends to attract people that might have an intent to defraud the government.”

So says Linda Stiff, IRS deputy commissioner for services and enforcement, who is investigating more than 100,000 questionable applications from “first-time” homebuyers who want $8,000 tax credits for their recent property purchases.

Illegal immigrants, underage buyers (one as young as four years old), previous homeowners and other shady individuals among the 1.5 million looking to take advantage of the program have raised yellow flags at the government tax agency.

However, the IRS is quick to point out the many of those flagged for further inspection could be found to be “legitimate” when all is said and done.

Currently, the $8,0000 tax credit, which is a key piece of the landmark $787 billion stimulus package enacted earlier this year, is set to expire on Nov. 30, 2009 (it began, retroactively, on Jan. 1, 2009). It’s possible that the popular program could be extended into 2010 because thus far it has been a “vital part” of the national economic recovery effort in the United States.

However, if it is riddled with “fraud” and other problems it may make decision makers think twice about renewing it.

For more on the $8,000 tax credit be sure to check out our topic archive right here.

Here’s a video interview with Barbara Corcoran on the “TODAY Show” that explains (once again) why it is so important to move fast when buying a home if you want to take advantage of the $8,000 tax credit before it expires on Nov. 30, 2009: