First Time Home Buyer Tax credit approved by the US Senate

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http://www.foxnews.com/politics/2009/11/04/senate-votes-extend-benefits-jobless-homebuyers/

The legislation would extend the $8,000 tax credit through June of next year as long as the buyer enters into a binding contract before April 30. It doubles the income ceiling for qualification to $125,000 for individuals. The credit is available for homes purchased at under $800,000

The new $6,500 credit is for existing homeowners, who are now eligible to receive a tax credit for buying a different home.