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Those who have yet to take advantage of the hefty $8,000 First-Time Homebuyer Credit may have more time than they think to get in on the action. It seems that Congress is hard at work trying to extend the credit past its current deadline of Nov. 30, 2009. If the extension is passed, the credit will be available for a "limited" period of time, according to Treasury Secretary Tim Geithner and Housing Secretary Shaun Donovan.

Specifics of the Extension

Right now, the details are still sketchy, but what has been released to the public about the extension is the following:

• Possible Spring deadline: The credit extension, if passed, will likely stretch out to Spring. With the new proposal, contracts to buy a home would have to be signed by April 30, 2010 and deals would have to be closed by June 30 to qualify.
• Current homeowners included: The credit may extend to existing homeowners who are stepping up to a different home (must have lived in current home for five years).
• New dollar amounts proposed: In addition to the current $8,000 credit for first-time homebuyers, $6,500 may be available for homeowners looking to trade up to a bigger residence (homebuyers must have AGI of less than $125,000 ($225,000 for married couples filing jointly).

While the credit has yet to be approved, it's passage looks promising. If you're thinking of taking advantage of the credit this time around, it's doesn't hurt to start your search for affordable mortgage rates now.

Will you take advantage of the homebuyer tax credit if the extension passes?

At American Eagle Credit Union, new customers only can earn up to $100 with the Bonus Bucks Checking Account. In order to earn the bonus bucks, you must add one of the following within 30 days of opening the account:

• Visa Check Card (earns $25)
• Direct Deposit plus one transaction (earns $25)
• Online Bill Pay with three bills paid (earns $25)
• Add all three services and earn $100

The offer is good through Nov. 30, 2009.

Credit union membership is open to St. Louis, Mo. metropolitan residents and workers, as well as Dallas, Tx. metropolitan residents and workers, and those living and working in Paris and Lamar County in Texas. Visit the Who Can Join page to learn more about membership eligibility.

>> Checking Account Bonuses

Other Terms and Conditions may apply to this offer - please contact the financial institution to review.

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