Good news for first and second time homebuyers! 

The first-time home buyers can claim up to 10% of the purchase price of their home, up to $8,000 for single or married taxpayers filing jointly.  This tax credit has been extended to April 30, 2010.

New provisions accompany the extension. The tax credit is allowed for those with incomes up to $125,000 or $225,000 for taxpayers filing jointly. (If you make more than $145,000, $245,000 if filing jointly, you cannot not receive the tax credit.)

Additionally, taxpayers who have lived in their home for five consecutive years during the eight years before closing on a new home may qualify for a reduced credit - $6,500 joint filers and $3,250 for single filers.