The $8,000 First Time Home Buyer Tax Credit  that was set to expire on November 30 was extended today. The new deadline to take advantage of the first time home buyer credit is to have a signed contract by April 30, 2010 and close on the house by
June 30, 2010.
Update: The first time home buyer tax credit is extended  until Sept. 30, 2010.
First Time Home Buyer Tax Credit
As a reminder, here are some of the rules for the first time home buyer tax credit :
- The credit is for $8,000 or 10% of the home’s value, whichever is less.
- The credit is refundable.
- The credit is for primary homes that cost $800,000 or less.
The income limits also went up with the extension. Original phaseouts were for incomes between $75,000 to $95,000 for single and $150,000 to $170,000 for couples. Phaseouts will now begin at $125,000 for single and $225,000 for couples.
In addition to extending the date, the bill also included a $6,500 Home Buyer Tax Credit for Existing Homeowners .