Great news for first time buyer as well as existing homeowner!  President Obama has signed into law the expanded and extended version of the Homeowners Tax Credit. First time homebuyers will now have until April 30, 2010 to purchase their new home and receive the $8000 tax credit.  What's new is that existing homeowners (those that have owned and lived in their home as their primary residence, for 5 of the last 8 years consecutively), will receive a $6500 tax credit if they purchase a new home before April 30, 2010.  Obviously, restrictions apply: The purchase price limit is $800,000, income limits for single buyers are $125,000 and $225,000 for a married couple and there is an additional $20,000 phase out.  Finally, another new provision ,is that the purchase does not have to close by April 30, 2010. The contract to buy must be dated no later than April 30, 2010 and the buyer will have until July 1, 2010 to close. This will be another "shot in the arm" for the ailing housing sector.