The Senate has reached general consensus to extend the first time homebuyer credit of $8,000 to April 30, 2010. However, this extension must be inserted into a formal Senate bill and then be reconciled with a House version, then signed by the President. Trying to read tea leaves, it would appear at this point enough Democrats and Republicans support this extension for it to pass. Some potential items that may also be included is increased income limits and a $6,500 tax credit for home owners who’ve lived in their home for 5 years or longer and purchase a new property.