Senate Banking Committee Chairman Chris Dodd (D-Con.) Says Senate Democrats have agreed to extend the first-time home buyer tax credit. The latest version extends the program to home sales signed-not closed-by April 30. Purchasers would have another 60 days to close the sale. The Credit will also be EXPANDED TO INCLUDE SO-CALLED-STEP-UP BUYERS who have lived in their current home for at least five years.
the credit would be cut to a $7,290 cap. Income eligiblity for first-time home buyers would stay the same, but would RISE FOR STEP-UP BUYERS to $125,000 for individuals and $250,000 for couples.