The much anticipated and debated question has been answered.  Congress has decided to extend the $8,000 First Time Home Buyer Tax Credit Incentive via The Worker, Homeownership, and Business Assistance Act of 2009.  In addition, this Act also authorized a tax credit of up to $6,500 for qualified repeat home buyers.

See links below for common question (Source www.FederalHousingTaxCredit.com)  

• Frequently asked questions about the $8,000 first-time home buyer tax credit.
• Frequently asked questions about the $6,500 tax credit for repeat home buyers.