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According to the Associated Press, Senators have agreed to extend the tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers.
Reportedly, Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to buyers who have owned their current homes for at least five years.
The tax credits would be available to buyers who sign sales agreements by the end of April 2010. They would have until the end of June to close on their new homes.
This is a preliminary report, details and conditions may change as the legislation becomes finalized. We will give more details as they become available.
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