LAS VEGAS -- The first-time tax credit for homebuyers will be extended.

President Barack Obama is expected to sign the bill into law Friday morning. Now tax credits will also extend to long-term homeowners looking for something new.

Related Link: Find Out More About Tax Credit.

The tax credit has been extended to April 30, 2010, and for those who have lived in a home for at least five years and want something new, they will get $6,500.

The extension was a big sigh of relief for one Las Vegas Valley couple.

Engaged 20-somethings Nina Bjornstad and Nathaniel Montague said they started bidding on homes in September. They figured they'd have no problems beating the first deadline of Nov. 30.

“None of the offers we put in have come through. They've all gone to cash offers,” Montague said.

After four failed offers, the couple said they were more than thrilled the extension came through on Thursday because they were back for bid No. 5.

“If there hadn't been an extension, we wouldn't have been able to do it,” said Bjornstad.

With the extension, a purchase agreement must be signed by April 30 and closed by June 30.

“The good news is we're hopefully not going to see a lull,” said Realtor Rick Shelton.

Shelton said this will help at least another 300,000 homebuyers nationwide and keep home sales in the Valley moving briskly.

“We should just keep going at the tempo we've been going all year, which is excellent,” Shelton said.

At the other end of the spectrum, on Thursday, Fannie Mae introduced a new program to those facing foreclosure called Deed for Lease. The mortgage giant will let borrowers lease their home for one year at fair market value.

The engaged couple said they will get married next year and will use their $8,000 to buy some furniture and a refrigerator -- exactly what the government wants.