Finally, a sigh of relief for homeowners who have been struggling to make it to the November 30 deadline. The new and revised credit extension program signed into law on November 6, 2009 expands the deadline through April 30, 2010 with a further extension until June 30, 2010 for those who enter into a contract by April 30.

This time the revised program has something more to offer than just the extension. The government promises $6,500 credit to homeowners who match the second set of criteria:

1. The buyer should have lived in the current residence for five consecutive years of the last eight years.

2. The annual income in case of a single person should not be greater than $125,000 while for a married couple it should be up to $225,000

The revised tax credit extension comes as a surprise for existing homeowners who never thought they would qualify for tax credit as they have been living in the house for several years. It has opened the gates for thousands of Americans to take advantage of the tax credit.

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