According to a news article I just read, the Senate has agreed to extend the first time homebuyer credit for a few months. Great news… Also, if you have owned a home before… but not in the last 3 years, you may still qualify for all or part of the credit. Here is the story from the Associated Press (AP) WASHINGTON – Senators have agreed 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.

A spokeswoman for Senate Majority Leader Harry Reid said senators agreed Wednesday 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.

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

(Copyright 2009 by The Associated Press. All Rights Reserved.)