The $7290 First Time Buyer Credit?

7290There are lots of different ideas about how Congress is going to address the First Time Home Buyer Credit which ends at the end of November.  The only thing that is clear is that the topic is being actively discussed in Congress .  On Monday I wrote about the Bloomberg article that reports the Credit phasing out though next year. That story is titled Nelson Says Senate to Extend, Reduce Homebuyer Credit (Update3) Posted October 26, 2009 17:58 EDT.

There were more articles yesterday.  The National Association of Realtors quotes a Bloomberg story today that is also cited on Calculated Risk and OregonLive’s Front Porch.  That story is “Senate Close to Deal Replacing Homebuyer Tax Credit (Update2)posted October 27, 2009 18:31 EDT and includes this:

The deal would reduce the size of the tax credit to 10 percent of the sale’s price, capped at $7,290, the people said. The credit would be available on home purchases that are under contract by April 30, and borrowers would have 60 days more to close the sale. The existing credit is due to end Nov. 30.

Reuters also has a story today (posted 10/28 4:38 eastern).  “Senators eye extending home credit to end of April“.  In part:

Under an agreement reached by key senators, the tax credit would be extended through the end of April and be expanded to cover repeat buyers who have been in their homes at least five years, sources familiar with the plan said.

First-time buyers would continue to get an $8,000 credit, while repeat buyers of primary residences would be eligible for a credit of $6,500, the sources said.

They said the credit would be available for individuals making up to $125,000 a year and couples earning up to $225,000 per year.

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