1. President Obama signed the extension today. Effective today!
      a. The credit will be phased out for individuals above $125,000 and for
          couples above $225,000.
         (raised from a $75,000 limit for individuals and $150,000 for couples)
      b. must sign a contract by April 30, 2010 and close on the house by June 30, 2010.
      c. homes that cost more than $800,000 aren’t eligible for the credit

2. First timers (haven't owned a home in the last three years): $8000

3. Move-up buyers (lived in their prior residence for 5 of the prior 8 years): $6,500
   
4. Military: extended an additional year, until June 30, 2011, for members of the military
serving outside the United States for at least 90 days.

**** About 1.4 million first-time homebuyers have qualified for the credit, and about
         350,000 of them would not have purchased their homes without it.

‘Last Extension’

“The American people should understand this -- and the affected industries -- this is the last extension,” said Senator Johnny Isakson, a Georgia Republican who cosponsored the plan.
“Tax credits like this only work by creating the sense of urgency to take advantage of them.”

Isakson estimated the new homebuyer tax credit would cost $10.2 billion.

The $24 billion bill total package also:

*extends unemployment benefits by 14 weeks (plus an additional six weeks in states with the highest jobless rates)

*allows companies currently losing money to recoup the taxes they've paid on profits over the last five years