The First-Time Homebuyer Tax Credit has been extended until April 30, 2010, as long as the home is under contract by that date; the transaction must be completed within 60 days.
Eligibility and amount of new credit:
- $8,000 for first-time homebuyers (those who have not owned a home in the last three years).
- Up to $6,500 credit for homeowners who have lived in the home they are selling, or have sold, as a principal residence for five consecutive years in the past eight.
- Buyers with income exceeding $125,000 for single and $225,000 for married couples are not eligible.
- Homes valued at more than $800,000 are also ineligible.