Under the agreement struck by Sens. Chris Dodd (D-Conn.) and Johnny Isakson (R-Ga.), the credit will last until the April 30, 2010 and can be applied to homes worth up to $800,000. Dodd and Isakson said that as many as 70 percent of Americans will be eligible for it.

 Though the previous provision could only be used by individuals making up to $75,000 and couples making up to $150,000, the extended credit can be used by individuals with incomes of up to $125,000 and couples of up to $225,000. The deal also provides a new $6,500 credit to homebuyers looking to move out of their current homes into more expensive ones.

The first-time homebuyer’s credit was initially passed as part of the stimulus in February and was set to expire at the end of next month.

This bill will be added to the unemployment insurance bill and voted on Monday Nov. 2nd. We expect that once the Senate approves the bill, Congress will follow with no changes to the Senate proposal…..

Source: www.FixHousingFirst.com