Over 2 million buyers are expected to take advantage of the Home Buyers Tax Credit before it expires in May 2010 (longer for Miltary personel). The new extension also includes a tax credit for home buyers who have owned a home during the last consecutive 5 years - this credit is $6,500. The existing first time home buyers credit of $8,000 has been extended and the income limits have been raised to $125,000 for single tax payers and $250,000 for joint filers.