June 30 (Reuters) – The U.S. Congress on Wednesday approved a bill extending the closing deadline for homebuyers trying to take advantage of a popular tax credit.

Homebuyers with contracts signed by April 30 who failed to go to closing by the June 30 deadline will now have until September 30 to complete their purchases. The House of Representatives on Tuesday approved the bill and it now goes to President Barack Obama for his signature.

Read more of this article here.

[Show as slideshow]

[View with PicLens]

4 Bedrooms  |  1 Bathroom  |  2,566 Square Feet  |  MLS#: 9016777

Remodeled bungalow on double lot (50×185). Updated kitchen w/ nook, formal dining room, fireplace, built-ins and hardwoods through-out. Basement has good ceiling height. Newer roof, huge fenced backyard, detached garage. Backyard separate tax lot: R298023, check with city on development possibilities. 4th bedroom may be non-conforming, buyer to perform own due diligence. Close to Mississippi and Alberta.

[Show as slideshow]

[View with PicLens]

3 Bedrooms | 2 Bathrooms | 2616 Square Feet | MLS#: 10027195

Historic fixer in the heart of the Southwest Hills. Huge potential in this light and bright home. Hardwoods throughout with open living room and formal dining room. Unfinished basement adds potential room to grow. Close to Hoyt Arboretum, Washington Park, Oregon Zoo, Children’s Museum, hiking trails, freeway access and downtown. Bring your hammer and paint brush and you will have a wonderful home.

Perfect for a first time home buyer or downsizer. Remodeled in 1999 – torn down to the foundation. Bright roomy kitchen with oak cabinets. Large yard, newer septic tank. Near Harney Park, restaurants and shopping.

2 Bedrooms | 1.5 Bathrooms | 1091 Square Feet | MLS#: 10023633

Perfect for the first time home buyer. Large yard perfect for the avid gardener. Close to everything! Easy access to: 205, Lents Farmers Market, Trader Joes, Foster/Powell cafes and shopping, Springwater Trail and so much more.

3 Bedrooms | 2 Bathrooms | 1,648 Square Feet | MLS#: 10021452

[Show as slideshow]

[View with PicLens]

3 Bedrooms | 1 Bathroom | 912 Square Feet | MLS#: 10021467

First time homebuyers! Close to everything – Trader Joes/Limbo, Gladstone shops, Woodstock, Creston Park, Foster-Powell. Minutes to downtown. Needs a little TLC – bring your hammer and get a great deal!

Having recently received LEED for Homes Platinum Rehab certification, the Ash Creek house is quite possibly the greenest house in town. 99% of the waste generated during its remodel was either reused or recycled. The home features original refinished oak floors, an open floor plan, Energy Star appliances, Quartz countertops, non-toxic and FSC certified materials, tons of natural light, passive solar design, master suite on main with a Japanese soaking tub, large private deck, solar panels, ground source heat pump, heat recovery ventilator and so much more. This home integrates modern design, sustainable building practices, naturescaping and rainwater filtration to create a healthy habitat for people, fish & wildlife.

Remodeled 1940’s ranch perfect for the first time home buyer.  Newer paint, carpet, windows and fixtures.  Large private yard.  Close to everything!  Easy access to: 205, Lents Farmers Market, Trader Joes, Foster/Powell cafes and shopping, Springwater Trail and so much more.

Beautiful remodeled bungalow. High ceilings, hardwood floors, fireplace, formal dining room and sun room. Southern views of golf course and Mt. Tabor.  Close to bus lines and walking trails.

Earlier this week, the U.S. Senate unanimously passed an extension and expansion of the homebuyer tax credit. The House of Representatives approved the agreement reached in the Senate by a vote of 403-12. The bill has now passed both chambers and is awaiting the President’s signature.

Below is a summary of the new modifications in the extension and expansion of the tax credit:

 1)  The $8,000 tax credit will be extended and available for first-time purchases before May 1, 2010.

 2)  A new $6,500 tax credit will be available for repeat buyers who purchase between December 1, 2009, and May 1, 2010. To qualify for this provision, buyers must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.

 3)  Prospective purchasers with binding contracts in place as of April 30, 2010, will be allowed an additional 60 days to complete the transaction.

 4)  Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.

For a complete summary of changes to the tax credit visit: NAR Issue Brief – Homebuyer Tax Credit