THE NEW TAX CREDIT IS COMING, THE NEW TAX CREDIT IS COMING!
The House has passed the bill, as has the Senate, and the President may sign it as soon as tomorrow (November 6, 2009).  That's right --- the tax credits for home buyers are continuing --- and now they are being applied more widely.

FIRST-TIME BUYERS
You now have several more months to buy your new home --- you don't have to close by Nov 30 / Dec 1.  In fact, as long as you have the property under contract by April 30, 2010, you'll have until July 1, 2010 to close on the property.  The tax credit is still $8,000 with several imitations on income, home price, etc.

LONG TIME RESIDENTS OF SAME PRINCIPLE RESIDENCE
There's something for you too!  If you have owned and used the same residence as your principal residence for 5 (consecutive) years out of the last 8 years, you will likely be eligible for a $6,500 tax credit.  The deadline for closing is July 1, 2010 (as long as the property is under contract by April 31, 2010.)

TIMING
One important note here on timing --- if you're a first-time buyer, this new bill just extends your deadlines.  If you're a "long time resident of same principle residence" you'll can close on your new house (and be eligible the tax credit) as soon as the bill is signed into law.  That is to say that if you're a move-up (or down) buyer ready to close tomorrow (November 6th), you might want to wait another few days for the President to sign the bill.  You'll enjoy an additional $6,500 net gain --- in the form of a tax credit.

INCOME LIMITS
The new income limits are $125,000 for single buyers and $225,000 for couples.

THE ACTUAL LEGISLATION
Interested in the details of the actual bill?  Click here.