What Changes have Been made on the Tax Credit signed in Law in 2009

Our president has signed a Tax credit for the first time Home buyer called the Home ownership and Business Assistance Act . It has now been extended though April of 2010. This credit will give back to the borrower 8,000 dollars on their primary residence. It had been previous noted that a single person making 75,000 dollars and more would not qualify for this credit, but now it has increased to 125,000 dollars for a single party and 145,000 dollars for a modified adjusted gross income for married couples. It is required that the home be used for a least three consecutive years. To take advantage of this special Tax credit a buyer must be in a contract by May 1, 2010