President Obama signed the new tax credit bill yesterday.  Here are the details:

First Time buyers are eligible for an $8,000. tax credit if purchasing jointly ($4,000. for married filing separately) for purchases after November 30, 2009 and contracted for by April 30, 2010 and closed by July 1, 2010.  A first time buyer is defined as someone who has not owned a primary residence in the last three years.

Current homeowners (must have owned a primary residence consecutively for 5 of the last 8 years) are eligible for a $6,500. credit ($3,250. for married filing separately).

The income limits have been incrrease to $125,000. for a single buyer and $225,000. for married.  Each category has an additional $20,000. phase out option.  The maximum purchase price is $800,000.  There are, of course, other conditions and requirements, but this is the essence of the credit program.  Happy selling!