WASHINGTON, D.C. -- Senators have agreed to extend the popular first-time homebuyer's tax credit that was set to expire at the end of November.
Also included in the agreement is a reduced credit for some repeat homebuyers.
The tax credit provides up to $8,000 for first-time homebuyers and was planned to expire on November 30.
The reduced credit for repeat buyers would be up to $6,500 for those who have owned their current homes for at least five years, according to a spokeswoman for Senate Majority Leader Harry Reid (D-NV).
A congressional aide speaking on condition of anonymity said the credits would be available to homebuyers who sign sales agreements by the end of April.
They would have until the end of June to close on their new homes, the aide said.
The proposed extension is expected to be voted on in the coming weeks.
Information from the Associated Press.
