Homebuyer Tax Credit Could Be Extended

The first-time homebuyer tax credit has been such a popular program that lawmakers are considering extending it past the November 30 deadline.

Under the credit, new homebuyers can qualify for an $8,000 tax credit. As of now there are two options on the table: one, House proposal would extend the credit through the end of March, then lower and phase it out through the end of 2010; or two, a more generous option in the Senate would extend the credit through June 30, 2010 and open it to all buyers, rather than just first-timers.

The Senate is reportedly close to a deal and could vote on the extension as early as this week.