I am sure you have heard by now, as of November 7, 2009, the Housing Tax Credit for First Time Buyers has been extended through April 30, 2010 with some new benefits. 

1)  Frist Time Buyer Amount of Credit - $8,000 ($4,000 married filing separate)

2)  Current Homeowners Amount of Credit - $6,500 ($3,250 married filing separate).  This is new...  To be eligible, homeowner must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.

3)  Termination of Credit - Written binding cnotract to purchase must be in effect on or before April 30, 2010, the purchaser will have until July 1, 2010 to close. 

4)  Income limits - Raised to $125,000 (single) and $225,000 (married).  Additional $20,000 phase out.

5)  Housing Cost Limitation - $800,000

Hope this helps with your house hunting journey!  Please do not hesitate to call us to learn more.  We would love to help you find your next dream home!

Derek Gutting, The Gutting Group, Keller Williams Realty, 317 846-4888 www.Guttinggroup.com.