The Homebuyer Credit has been expanded to include a “long-time resident” credit of $6,500. You may be eligible for this credit if you have owned and used the same home as your principal residence for at least five consecutive years of the eight-year period ending on the date you purchased a new home as your primary residence. The contract must be entered into by April 30, 2010 and settled by June 30, 2010. Be aware that income limitations apply and that higher income individuals do not qualify.
A few other items to note:

• Dependents may not claim the credit.
• If the purchase price of the house is greater than $800,000, the credit is not available.
• The purchaser must be at least 18 on the date of purchase.

View the IRS video regarding the Homebuyer Credit on YouTube:  http://www.youtube.com/user/irsvideos