The Senate has agreed to extend the popular $8,000 tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers who have owned their current homes for at least five years. The present tax credit is about to expire at the end of November.
Senators have agreed to extend the existing tax credit for first-time homebuyers while offering a credit of up to $6,500 to buyers who have owned their current homes for a consecutive five-year period in the past eight years.
The tax credits would be available to buyers who sign agreements by the end of April and would have until the end of June to close the transaction on their new homes.
The new law is aimed making the availability of the credit beyond first-time buyers and giving the real-estate market a boost while preventing real-estate investors from benefiting.
Now if the House agrees we can get some more people into new homes.