Congress has extended the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010 and expanded the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

To qualify for the tax credits;

First-time home buyers must purchase homes between November 7, 2009 and April 30, 2010.

Current home owners must purchase between November 7, 2009 and April 30, 2010. They must have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

The homebuyer has until July 1, 2010 to close the sale as long as a written binding contract to purchase is in effect on April 30, 2010. If the property is sold within three-years the full credit must be repaid at the time of the sale.

First-time home buyer is defined as neither the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase. The tax credit applies only to primary residences but can include single-family homes, condos and town homes.

Unmarried homebuyers with incomes up to $125,000 and married homebuyers with incomes up to $225,000 are eligible for the full maximum tax credit. Homebuyers who's incomes exceed these amounts are eligible for reduced amounts.

For full information visit the IRS website.

Huntsville's Bridge Street