Here’s the latest news on the Homebuyer Tax Credit. 

Senate Close to Deal to Replace $8,000 Homebuyer Tax Credit

By Dawn Kopecki and Ryan J. Donmoyer

Oct. 27 (Bloomberg) — U.S. Senate leaders moved closer to agreement to replace an expiring $8,000 tax credit for first- time homebuyers with a smaller one that expands access to more borrowers, two people familiar with matter said.

The deal would reduce the size of the tax credit to 10 percent of the sale’s price, capped at $7,290. The credit would be available on home purchases that are under contract by April 30. Borrowers would have 60 days more to close the sale. The existing credit is scheduled to end Nov. 30.

To contact the reporters on this story: Ryan J. Donmoyer in Washington at rdonmoyer@bloomberg.netDawn Kopecki in Washington at dkopecki@bloomberg.com

Last Updated: October 27, 2009 14:05 EDT

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