A new Senate proposal will offer a first time home buyer tax credit extension
to homes under contract by April 30, 2010. The former deadline was
November 30, 2009. The home buyer tax credit will also be offered to people
who have lived in the same home for five years, according to the proposal,
which at time of writing hasn’t passed yet, but has bipartisan support.
Bloomberg has more:

An agreement reached yesterday by the Democrats would let homeowners
who buy a new home qualify for a $6,500 credit if they have lived in their
prior residence for five years, according to Regan Lachapelle, an aide to
Senate Majority Leader Harry Reid.

“The compromise we have now would expand the credit beyond
first-time homebuyers,” Lachapelle said. Lawmakers expect to consider
the measure as part of a bill to extend unemployment benefits, she said.
That measure has been held up by a disagreement with Republicans over
other proposed amendments.

Lawmakers have said they want to keep home sales from slipping as
the economy struggles to recover from the worst drop in home prices
since the Great Depression. The plan would extend the homebuyers credit,
 due to expire Nov. 30, to home purchases under contract by
April 30, 2010, with borrowers allowed another 60 days to close the sale,
according to a person familiar with the details of the agreement.

The credit would be available to individuals earning up to $125,000,
or $250,000 for couples, up from $75,000 for individuals and $150,000
for couples under the current law, Lachapelle said.