A bill to extend the $8,000 tax credit for first-time home buyers has passed both the House and Senate.

There is also a new $6500 tax credit for repeat buyers who purchase a home between

Dec. 1, 2009 and May 1, 2010. Repeat buyers must have lived in their homes consecutively for 5 of the previous 8 years.

Income limits to qualify are expanded to $125,000 on a single returnand $225,000 on a joint return.

Now is the time to buy!!!