Breaking news! Associated Press – Wednesday October 28, 2009

WASHINGTON — Senators agreed Wednesday to extend a popular tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers.

The tax credit provides up to $8,000 to first-time homebuyers but is set to expire at the end of November. Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.

The tax 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, said a congressional aide, who spoke on condition of anonymity because he was not authorized to publicly discuss the deal.

There has been information that has been floating around out there that the extension will also DECREASE the amount of the credit up to 10%. There is still time to get in on the current $8000 first time homebuyers credit – homes must close before November 30th of this year. Typical escrow for Idaho Falls is 30 days, but many of the local banks can close a loan much faster.

First time home buyers hurry and contact me before time runs out!