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The new federal tax credit of up to $8,000* is now available to more first-time buyers. Plus, it’s also open to people who currently own a home (up to $6,500*).

The Extended Home Buyer Tax Credit is an improvement over the existing one which expires on Nov. 30th. Both first-time and buyers who currently own a home can now take advantage of the new tax credit. When considered alongside today's historically low interest rates, the opportunity for buyers is truly unique.

Here are the new key provisions:

• The $8,000 tax credit for first-time buyers has been extended through April 30, 2010.
• Current homeowners are eligible for a $6,500 tax credit, provided you have lived in the home you are selling as a principal residence for five consecutive years within the last eight years.
• Income limits for eligible buyers were increased from $75,000 to $125,000 for single buyers and from $150,000 to $225,000 for couples.
• Time has been added to allow for closing the home purchase. As long as you have a binding contract by April 30, you will then have until June 30, 2010, to close the transaction.
• To qualify, the purchase price of the home must be $800,000 or less.

Here’s how it works:

• The amount of your credit will be first credited toward any tax liability for the year of purchase. Then the remainder will be refunded to you. (For example a first-time buyer with a $2,000 tax liability would receive a check for $6,000).
• Any single-family residence purchased to be used as a principal residence (including condos, co-ops) will qualify if it is purchased by April 30, 2010 and closed by June 30, 2010.
• The full amount of the credit is available for individuals with adjusted gross income of no more than $125,000 or $225,000 on a joint return. Above those incomes, the amount of the tax credit decreases until the maximum limit is reached – $145,000 for an individual or $245,000 in joint income.

For detailed information about the tax credit, click on, Extended Home Buyers Tax Credit.