Ken Wingert, NAR’s legislative representative in DC, shot over a quick e-mail about the most recent developments regarding the homebuyer’s tax credit.

Rather than try to put it in pretty prose, I’ll post what he wrote — it’s beautifully to the point.

Here is what we do know: $7500, first time buyers only, until Sept 1. Repayment is eliminated. Retroactive until Jan 1. If you bought in 2008 you are out of luck. From what we can tell the income limits are still in place that were on the original credit. So basically we ended up getting rid of repayment and extending to Sept 1. GSE/FHA Loan Limit increase back to 115% of area median until the end of 2009 is also included.

NAR is reviewing the final language and will have an official statement later. We’ll cover it, of course.