Joe Wilson's Silicon Valley Real Estate Blog

It appears today that a bi-partisan agreement is taking place in the Senate that would both extend the existing $8000 federal tax credit for first-time buyers and expand the program to include a $6500 credit for existing homeowners who have already lived in their current home for five of the last eight years.

To qualify for the full credit, homebuyers must have adjusted gross income of less than $125,000 ($225,000 for married couples filing jointly). In addition, the credit would only apply to homes sold for $800,000 or less. Contracts to buy a home must be signed by April 30, 2010, and the deals must close by June 30 in order for a buyer to qualify for the credit.

Things are happening fast and a deal could be announced any time now so stay tuned.