The Senate has approved an extension for the $8,000 tax credit for new home owners today. It was previously supposed to end this month, but now will be extended through April of 2010

The income level for eligible buyers, too, has been raised. Where previously first time buyers had to make less than $75k a year, now incomes of up to $125k are allowed the tax credit. And, if you’re part of a couple purchasing their first home, that level raises to $250k. 

But is it the right time to buy? Check out our Guide to Buying Your First Home, to see if now is the time for you to make the jump into home ownership.