The House passed the $8,000 first-time homebuyer tax credit earlier TODAY

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*The tax credit gives up to $8000 for first-time home buyers (not owned a home the past 3 years)

*This allows up to $6500 credit for move-up buyers (those who have owned and occupied their present home for at least five years).

*Recipients of the tax credit must ratify a contract no later than May 1st and close on their purchase no later than June 30, 2010.

*This is for primary residences only. No investment properties.

*Income cap of $125,000 for single filers and $225,000 for joint filers.

*Purchase price of $800,000 is the max.

*If the property being purchased fails to remain a primary residence anytime within the first 36 months, the tax credit will have to be repaid in full for that tax year.

Homebuyers will qualify until April 30, 2009, and have an additional 2 months (until 6.30.09) to close the transaction.