Homebuyer Tax Credit Plan Agreed to by U.S. Senate Democrats

Below are the Highlights:

1) It would allow homeowners to qualify for a $6,500 credit if they have lived in their residence for five years. In addition they wouldn’t have to be first-time home buyers.

2) The income limits will go up to individuals earning up to $125,000, or $250,000 for couples, up from $75,000 for individuals and $150,000 for couples under the current law.

The new plan would extend the credit which is due to expire Nov. 30. The home purchaser would have to be under contract by April 30, 2010. The purchaser would be allowed another 60 days to close the escrow to get the credit.

Check out the link below for additional information:
http://www.bloomberg.com/apps/news?pid=email_en&sid=a6e4fQQHzg6U