Senate passes & extends the home buyers credits!

Highlights:

• $8,000 for first-timers signing contracts through April 30, 2010 and closing by June 30, 2010.

• $6,500 for repeat buyers who have "lived in their current residence for five consecutive years out of the last eight

Individual tax filers making no more than $125,000 and joint filers making no more than $225,000 could take the full credit, a significant increase of the income cap. The credit would decrease in value for people making more than those amounts.

• If the home you're buying is priced over $800,000 sorry, you won't qualify!

If you're a first-timer hoping to take advantage of the higher income limits, keep in mind that the same timeline applies.