The extension of the $8000 tax credit appears to be almost agreed upon back in Washington, D.C.. The exact details are not completely worked out yet, but the Senate Banking Committee Chairman, Chris Dodd,  feels the committee is so close to reaching agreement that he sent out the below news release this morning.

Details still to be finalized and issued to us. Here is an interpretation of the changes.

May still be subject to change!!! :

1.      Credit to be extended from Nov. 30^th to April 30^th, 2010.

2.      $ Amount to be lowered from $8000 to $7290.

3.      Sales contract must be signed around by April 30^th, but does not need to be closed by April 30^th.

4.      Appears as though 2^nd time buyers, those who currently own homes for 5 years will now qualify for new credit. I am not sure if they need to own their homes for more than or less than 5 years. I think 5 years or more if the below article is correct.  

5.      Complete details have not been disclosed to us and vote has not taken place yet.