The $8,000 tax credit for home buyers signed into law by President Barack Obama which was first scheduled to expire in November of 2009 has now extended the deadline to April 30th, 2010. All contracts must be written out by April 30th, and the closings have to be done by June 30th, 2010.
What this means to the buyer is that the first time home buyers credit raises the income caps to $125K for an individual and $225K for a family so these buyers can apply for the $8,000 tax credit.