The first time homebuyer and move up homebuyer tax credits are set to expire soon.  To qualify for the credit, buyers must be under contract no later than April 30, 2010 and much close before June 30, 2010.  To date, there has been an extension added; however, it is only open to a certain few who qualify.  Those who qualify are members of the armed forces and certain federal employees who have done active-duty time overseas.  For those individuals, the tax credit is extended for another year.

The full home buyer tax credit is available to taxpayers with modified adjusted gross incomes (MAGI) up to $125,000, or $225,000 for joint filers. Those with MAGI between $125,000 and $145,000, or $225,000 and $245,000 for joint filers, are eligible for a reduced credit.  Those with higher incomes do not qualify.  The maximum price of the home in order to qualify for the credit is $800,000.

For more information, click here for the IRS page detailing the credit.