Homebuyer Tax Credit Extended?

With the November 1, 2009 expiration of the $8,000 home buyer tax credit fast approaching, there has been question of whether this tax credit could possibly be extended.  According to CNN News, it seems that Senate Democrats have reached an agreement to extend the $8,000 homebuyer tax credit to the end of April 2010. However, this new agreement proposal would also include an additional benefit for repeat buyers.

A tax credit for current homeowners who have lived in their home for 5 years or more could be eligible for a $6,500 tax credit towards the purchase of a new home. This repeat buyer credit would be available to a single person who earns up to $125,000 a year or married couples who earn up to $250,000 a year. The credit would be applicable to homes priced under $800,000. Contracts would have to be signed by April 30, 2010 and closed by June 30, 2009 in order to receive the credit.  We’ll keep you posted as we learn more about this possibility!