The homebuyer tax credit that was to expire on November 30th will now be in effect through the end of June. Homebuyers must sign a contract before April 30 and close by June 30. The income limits were also raised: Single buyers can now earn up to $125,000 and still get the full credit while a married couple can earn $225,000.

The bill which was signed into law by President Obama on Friday also made more homeowners eligible to claim the credit on their taxes. First-time buyers -- those who have not owned a home in the past three years, can qualify. Those who have owned and occupied a residence for at least five years out of the past eight can claim a $6,500 tax credit if they close on a purchase by the end of June. These tax credits are available for the purchase of principal homes costing $800,000 or less.

Deadline for qualifying: Purchase agreements must be signed by April 30, 2010, and closings must be final by June 30. Military deadline: The deadline is extended by a year for members of the military who have served outside the U.S. for at least 90 days from Jan. 1, 2009, to May 1, 2010.

The National Association of Realtors estimates that of the 1,400,000 million buyers, 350,000 of them would not have purchased a home without the added taxpayer’s incentive from the federal government.