Tax Credit Extended and Expanded!

BREAKING NEWS!
Tax Credit Extension & Expansion is Approved!
President Obama has approved a bill for the Housing Tax Credit Expansion and Extension. Here’s what it means:
The $8,000 First-Time Homebuyer Tax Credit is Extended!
Now, qualified first-time home buyers would receive their $8000 tax credit if they sign a purchase contract by April 30, 2010 and close by June 30, 2010.
The home purchased must be their primary residence
Buyer cannot have owned a home during the past three years
Tax credit is up to 10% of the home value (not to exceed $8,000)
Annual income caps to qualify for the tax credit have increased ($125K for single filers / $225K for joint filers). Partial tax credit can be granted for incomes up to $145K for single filers / $245K for joint filers.
　
PLUS New $6,500 Tax Credit for Current Home Owners Purchasing a Primary Residence
Eligible home buyers must have lived in their current home for 5 consecutive years of the past 8 years.
The new home does not have to cost more than the old home.
Eligible for homes with purchase agreements signed between November 6, 2009 and April 30, 2010, and close by June 30, 2010
Annual income caps to qualify for the full tax credit are $125K for single filers / $225K for joint filers. Partial tax credit can be granted for incomes up to $145K for single filers / $245 for joint filers.
Changes Chart and FAQs from www.realtor.org (National Association of Realtors® website) are attached.