$8K Homebuyer Tax Credit extended

President Obama signed the extension and expansion of the Homebuyer Tax credit. The credit amount is 10% of the the purchase price of the primary residence, up to a maximum of $8,000 for 1st time home buyers and $6,500 for repeat buyers who owned and lived in their home for at least 5 years. First time home buyers are taxpayers who have not owned a home in the past 3 years. Purchase agreements must be signed by 4/30/10, and closings must be finalized by 6/30/10. To qualify for the full credit,the income limitations for individuals are $125K and joint filers are $225K. To qualify for the reduced credit, the income limitations for individuals are $145K and joint filers are $245K.