If you were worried you wouldn't make the deadline for the first-time home buyer tax credit, you've gotten an extension.

As long as your purchase closes by June 30, 2010, you are eligible for the tax credit under the new guidelines.

Also, first-time home buyers aren't the only ones who can benefit. If you have owned your home for five consecutive years, you could qualify for up to $6,500 dollars for purchasing a new home if filing jointly.
 
Individual home owners who meet the same requirements can receive up to $3,250.

These credits are subject to income limits.

But those income limits have been broadened for the tax extension.

The guidelines restrict individuals to making $125,000 per year to qualify.

For taxpayers filing jointly, their income cannot exceed $225,000 together.

The credit is reduced for individuals who make more than $125,000 as well as joint filers who make over $225,000.

Individuals who earn more than $145,000 and joint filers who make over $245,000 are not eligible for the credit.

The credit is worth 10 percent of the home's principal, up to $8,000. Vacation homes do not qualify for the credit.