- A spokeswoman for Senate Majority Leader Harry Reid said senators agreed Wednesday to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years. A congressional aide said the tax credits would be available to homebuyers who sign sales agreements by the end of April 2010. They would have until the end of June to close on their new homes.
- For first-time homebuyers, the income level to qualify is $75,000/$150,000.
- For move-up buyers, the income level to qualify is $ 125,000/$250,000.
- Move-up buyers must have been living in their primary residence for at least 5 years.
- The credit is equal to 10% of the sale price, and is capped at $7,290.
- The credit extension runs from December 1, 2009 to April 30, 2010.
- Legitimate sales under contract as of April 30, 2010 have 60 days to close.
Good News! For the full story: http://www.bloomberg.com/apps/news?pid=20601103&sid=aOcMZU6BreOM
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