First Time Home Buyer Tax Credit Effective December 1st, 2009 - Great Comparison

Here is a great comparison of the Jan. 1st, 2009 Tax Credit and the New Extended Federal Tax Credit that goes into effect Dec. 1st, 2009. 
Home Buyer Tax Credit Extended and Expanded

Current Vs New

Effective Date:
Current: January 1, 2009 vs New: December 1, 2009

Deadline:
Current: Close on or before November 30, 2009 vs New: Contract signed before May 1, 2010, must close before July 1, 2010.  Members of the uniformed services, foreign services, and intelligence employees who served an extended service of 90 days will have until April 30, 2011 and June 30, 2011.

Amount
Current: First-Timers: maximum of $8,000 or 10% of sales price Prior Owners: $0  vs New: First-Timers: Unchanged ($8,000 or 10% of sales price).  Prior Owners: $6,500 if lived in prior home for at least 5 years of past 8 years.

Income Limit
Current: Individual: $75,000, Couple: $150,000 vs New: Individual: $125,000, Couple: $225,000

Other Restrictions:
Current: Home must be primary residence for at least 3 years. If home is sold or buyer moves before 3 years, must re-pay full amount of credit. vs New: Buyer must be at least 18 years old and not classified as a dependent for tax purposes.  Home must cost less than $800,000.  New Home must be primary residence for at least 3 years following purchase. If home is sold or buyer moves, before 3 years, must re-pay full amount of credit. Exception for military, foreign services, or intelligence with extended 90 days service overseas.

How to claim:
Current: If purchased in 2009, by amending 2009 tax return or claiming on 2010 tax return. vs New: If purchased in 2010, by amending 2010 tax return or claiming on 2011 tax return.