Facing the impending end of the initial First-Time Home Buyer’s Credit, President Barack Obama has signed into a law an extension and revision of the initial law that is designed to help more people and cut down on cases of tax credit fraud.

The extended home buyer credit has several different components. It extends the deadline for buying a house until April 30, 2010 as long as the total home purchase is completed by June 30, 2010. Just as before, the tax first time home buyer’s credit is good for 10% of the home’s selling price, up to the full $8,000.

There’s also been new legislation created to benefit repeat home buyers who have lived in their home for more than five years. These existing home owners are eligible for 10% of their new home’s purchase price up to $6,500 with the same April 30th and June 30th deadlines. If you have owned your existing home for less than five years then you will not be eligible.

The income limits on how much money you can make to qualify for these tax credits was also raised. The original income limits for both home buyer tax credits were $75,000 for individuals and $150,000 for married couples. Now individuals can make up to $125,000 and married couples filing jointly can make up to $225,000. There are some additional income restrictions for buyers with a modified adjusted gross income (MAGI).

These home buyer tax credits are only good for primary residences and are not designed to benefit people who want to buy and flip homes quickly. Some tax credit fraud loopholes have been closed and a few pieces of additional paperwork are now required to qualify for the tax credit that were not required before. The tax credit is only available on homes that cost less than $800,000 to purchase.