It's Official: First-time homebuyer tax credit extended

The homebuyer tax credit has officially been extended.

According to reports, President Obama signed the bill that will extend the first-time homebuyer tax credit, and add a tax credit for existing home buyers.

The first-time homebuyer tax credit was scheduled to expire on December 1. The bill extends the credit for first-time homebuyers who sign a contract by April 30, 2009 and close by June 30, 2010. It also increases the income limit of first-time homebuyers, and includes a benefit of up to $6,500 to home buyers who have owned and occupied their current residence for at least five of the past eight years.

CNNMoney.com has more on the details of the bill and how it might or might not help the economy.