This is what I just received from NAR.
Charles McMillan, 2009 NAR President
As of today – Thursday, November
– that bill has passed and will be sent to President Obama for his signature.
We have posted a side-by-side comparison of the changes on Realtor.org. Let me summarize the changes quickly now:
When the President signs the bill, the expiration date for the credit will move to April 30, 2010.
First-time buyers who have not had interest in a principle residence for three years are still eligible, and the maximum amount remains the same – $8,000 for married couples, $4,000 for those filing separately.
Current homeowners, who have consecutively maintained the home they want to sell as their primary residence for five of the last eight years, are also eligible. However, the maximum amount for those homeowners is lower: $6,500 for married couples and $3,200 for those filing separately.
The tax credit may not used to purchase a home for more than $800,000. All buyers who want to get the credit must include documentation of the purchase on their tax returns.