The following is a break down of the housing credit extension and the new provision for some who are buying a principal residence after already owning one.  This has been reported by Chris McLaughlin in his newsletter.  Mr. McLaughlin is an real estate attorney in Florida, and has developed the "Short Sales Riches" course along with Nathan Jurewicz.  I have taken the course and would highly recommend it.  I am also an affiliate for "Shot Sales Riches".

It's here!  The U.S. House of Representatives has just voted (403-12) to extend and expand the homebuyer tax credit, and it’s on its way to the President for his signature...he's expected to sign it today.  Not only does it extend the tax credit, but it expands it.  The items carried over until April 30, 2010 are:  Amount of Credit ($8000 or $4000 married, filing separate) and Definition for Eligibility (May not have had an interest in a principal residence for 3 years prior to purchase).  The items added to the credit, from December 1 to April 30 are, for current homeowners:  Amount of Credit ($6500 or $3250 married, filing separate); Effective Date (Date of Enactment); Definition for Eligibility (Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years); Termination of Credit (Purchases after April 30, 2010); Binding Contract Rule (So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close); Income Limits ($125,000 – single $225,000 – married Additional $20,000 phase out); Limitation on Cost of Purchased Home ($800,000 Effective Date of Enactment); Purchase by a Dependent (Ineligible Effective Date of Enactment); Antifraud Rule (Purchaser must attach documentation of purchase to tax return).

Update:  H.R. 3548, the Worker, Homeownership and Business Assistance Act of 2009, has been signed today by President Obama.