The extension of the first-time homebuyer tax credit worth $8,000 has been approved by the Senate and now just awaits President Obama's signature.  This credit only applies to those individuals who went into contract by April 30, 2010 but have yet to close their transaction, which primarily applies to those pursuing short-sales.  The prior credit required that all transactions close by June 30, 2010, but now pushes the extension out and will protect nearly 200,000 buyers currently under contract. 

If you have yet to enter into contract and are looking to buy in one of the Orange County communities , you may qualify for the $10,000 tax credit that that state of California  currently has for first-time buyers, which was a top of one of our previous blogs.