If things go as planned, President Obama will sign off on a 7 month extension of the first time homebuyer tax credit, extending it until April 30, 2010. While the credit amount remains the same for first time homebuyers, there are a few amendments made to the package that open it up to more consumers. The tax credit will now apply to first time homebuyers, or homebuyers who want to “move up.” Anyone who has been living in their current residence for at least five of the past 8 years and wants to buy a larger or better home qualifies for a $6500 tax credit. It is not necessary to sell your current home before receiving the tax credit, but it must eventually become your primary residence as the credit is not to be used for second homes. The credit has also expanded the income requirements to $225,000 for couples, a $55,000 increase from the previous limit. Stay tuned for updates on the final events of this extension as they unfold.