We heard that it is very likely that the tax credit will be extended with the following provisions:

The proposal (which is still subject to change) would extend the tax credit until April 30, 2010 and also expand it to "move up" borrowers.

These are the stipulations:

Credit is changed to 10% of sales price up to $7290
For first time homebuyers, the income level to qualify is $ 75,000/150,000.
For "move up" buyers the income level to qualify is $ 125,000/250,000.
For "move up" buyers, they must have been residing in their primary residence for 5 years.
The credit runs from Dec. 1, 2009 to April 30, 2010.
Sales contracts signed as of April 30, 2010 would have 60 days to close.
It appears that we are also getting closer to extending the current temporary increase in FHA & GSE mortgage limits for another year.

Let's keep our fingers crossed!!

Have a great day and enjoy!