Great news!  The tax credit has passed.   It gives a comparison of the current tax credit and the new extended and expanded tax credit.

First-time buyers who have not had interest in a primary residence for last three years are eligible.  They are considered first time homebuyers.  The tax credit is $8,000 for married couples and $4,000 for those filing separately. Current homeowners, who have maintained their primary residence for five of the last eight years, are now eligible. However, tax credit for them has been lowered.  The tax credit for a married couple is $6,500 and $3,200 for those filing separately. The new income limits are $125,000 for single buyers and $225,000 for married couples.

Hope this help.  Please call me if you have any questions.  I will be glad to send you a comparison chart that shows the details of the current tax credit and the new extended and expanded tax credit