From our Potomac Partners:
We would like to update you on the following:
 
Extension of the Higher Temporary Mortgage Limits Has Been Passed
The higher mortgage limits have been passed and are on the way to President for signature.   The net effect would be that the mortgage limits would remain at the same level today through 2010.  They could, of course, increase in areas supported by higher house prices.
 
Tax Credit Proposal Could Be Finalized Next week
 
The tax credit proposal has been included in the unemployment extension bill.  This is a very positive step since it is virtually guaranteed that unemployment benefits will be extended. At the bottom of this email is a full summary of the Emergency Unemployment Compensation Extension Act.  (See bold in particular.)  We understand that it will be considered by the Senate early this week. The provision would still have to be passed by the House. 

Below are the details of the new tax credit program.
· First-time homebuyers will continue at $8,000
· Tax credit for “move up” purchasers will be up to $6,500
oMust have used previous home as a principal residence for 5 of the 8 previous years.
· Income limits increased and are the same for first-time and “move up” purchasers: $125,000 for single filers/ $225,000 for joint filers
· Limitation on eligible home prices has been increased to $800,000
· Time Frame:December 1, 2009 to April 30, 2010 plus 60 day extension if binding contract is in place by April 30, 2010
· Anti-fraud measures have been added

Here's the Link to the Unemployment Bill: Click Here: