Here is an update on the First Time Homebuyer Tax Credit Extension.

Congress is working on a plan to extend tax credit support to homebuyers. The new language in the Senate would allow homeowners who have lived in their home for five of the past eight years and who earn $125,000 or less for individuals or $225,000 for couples to receive a $6,500 tax credit. First-time homebuyers would still be eligible for an $8,000 tax-credit. The tax credit would apply for homes under contract by the end of April, although buyers would have until the end of June to close on the purchase.

The Senate is expected to vote on this measure by the end of the week. The House, which would have to approve the measure before sending it to President Obama for his signature, is expected to take up the measure next week.