Extended Home buyer stimulus

http://www.hud.gov/news/release.cfm?content=pr09-153.cfm&CFID=19692528&CFTOKEN=37556350
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The stimulus package extended: What does this mean for you?

House & Senate Approve Home Buyer Tax Credit Extension!
Yesterday afternoon, the House voted 403-12 in favor of extending the first-time homebuyer tax credit through April 30, 2010. Today’s vote was following Wednesday’s 98 to 0 approval of the bill in the Senate.

The bill is now en route to President Obama’s desk, where it may be signed as early as today (Friday). The Dodd-Lieberman-Isakson amendment included in this bill extends and expands the federal tax credit for first-time homebuyers. The amendment extends the tax credit through April 30, 2010, with an extension of 60 days available if a binding contract is in place prior to the deadline. The $8,000 credit will be extended to income limits from $75,000 for single filers and $150,000 for joint filers to $125,000 and $225,000. Also included in the amendment is a $6,500 tax credit for existing homeowners who have lived in their current residences for at least five years. The home’s purchase price must be below $800,000.

Taxpayers may claim the credit for purchases completed in 2010 on their 2009 income tax returns. Remaining in the bill is the provision that home buyers do not have to repay the credit provided as long as the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.