President Obama this morning signed the bill passed by the Senate on Wednesday and the House yesterday, extending the popular $8,000 tax credit for first-time homebuyers.  The credit, which was to expire at the end of this month, will be available to buyers who sign binding contracts by April 30, 2010.

In addition, existing homeowners who buy a new home are now eligible for a $6,500 credit – but only after living in their current home for at least five years.

This is great news for a credit that has been key to turning around our real estate market. Experts estimate that as many as 1.3 million first-time homebuyers have qualified for the credit, and the National Association of Realtors estimates that more than 300,000 of them would not have purchased a home without it.

So for all of you wild & crazy first-time homebuyers sitting on the fence, waiting to see if the extension would happen… let the wild rumpus continue!