The tax credit extension has passed the senate and will then go to the house and then the president for approval
.
The bill keeps the first time home buyer credit at $8,000 but also ads $6,500 for move up buyers.
There is no increase for first time home buyers so if you would still only get $8,000 even if the credit is extended

Good evening Aadams,

Just wanted to give you an update, I just got a text message from the senate, Quote: " Senate votes 98.0 to pass the Tax Credit, it now goes to the house" end quote.
So we are very close to getting the extension. When I get more info I will pass it along!
Hope this helps!

Good Evening Aadams,

I went to a meeting today about the Tax Credit Extension and I am going to share the info with you.

The proposal is for the tax credit for first time home buyers to remain at $8,000, no increase. They are also proposing to give a tax credit to home owners that have lived in their homes for 5+ years and are buying another home, the proposed amount is $6,500. The credits will remain in effect until April 30th 2010, however, anyone that has a contract by April 30th will be allowed 60 days to close the transaction.
It does look like this will be passed! Lets hope that it does for all concerned!
Hope this helps!

We're all anxious to know the details of the proposed (but not yet passed) tax credit. The best answer is that we'll need to wait for the tax credit info. The $8000 is for certain in place until Nov 30th, so you may do well to count on that.

The flipside is that the new tax credit -- IF it passes -- may be retroactive. For example this year's tax credit was announced in March but was extended to all eligible purchases made after Jan 1st.

Hope this helps.