According to Bloomberg.com, sources close the proposed Senate bill have said that the $8000 First-Time Buyer Tax Credit which is due to end on November 30, 2009, will be revised and expanded to reach Move-Up or Step-Up Purchasers.  Here are some fast facts:

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H   Size of the tax credit to be 10 percent of the sale price, capped at $7290

H   Available on home purchases under contract by April 30th and closing by June 30th

H   Inclusive of borrowers who have lived in their current home for at least 5 years.

H   Income eligibility for First-Time Buyers remains at $75,000 individual and $150,000 couples.

H   Income eligibility for Step-Up Buyers would be $125,000 for individuals and $250,000 for couples.

H   Cost of the home to equal $800,000 or less

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Stay tuned to this blog and website for further updates!