The latest idea under discussion is a credit worth up to $8,000 for first-time buyers and up to $6,000 for homeowners looking to trade up to a bigger primary residence and who have already lived in their current home for five years.
To qualify for the full credit, however, home buyers must have adjusted gross income of less than $125,000 ($225,000 for married couples filing jointly).
In addition, the credit would only apply to homes sold for $800,000 or less. Contracts to buy a home must be signed by April 30, 2010, and the deals must close by June 30 in order for a buyer to quality for the credit.
