A $6,500 Tax credit to repeat buyers who have owned their current homes for at least five years, is a major addition to the tax credit extension currently under consideration.

MSNBC is reporting Senator Harry Reed’s spokeswoman has indicated the Senators have agreed to an extension of the current tax credit for purchasers under contract by the end of April 2010. A congressional aide spoke off the record and indicated the deal would allow these purchasers until the end of June 2010 to close on the home. Today is the earliest the Senate could vote on the Bill.

Still under consideration are the income limits, there are proposals to increase the qualifying income limits to $125,000 for single taxpayers and $225,000 for joint taxpayers.

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