New Tentative Agreement for the Homebuyer Credit Extension

There has been a tentative agreement in the senate to moneyextend the current $8,000 tax credit for first-time home buyers.  In addition, there will be a new $6,500 credit offered to existing homeowners who have lived in their current residence for a consecutive five-year period in the past eight years.

The new requirements are that home buyers must be under contract by April 30, 2010, and close before July 1.

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