First time homebuyers aren't the only ones who can claim a tax credit when they purchase a home. Under a bill approved by Congress this week, current homeowners will be able to enjoy the tax break too, if they qualify.

Congress voted to extend and expand the popular first time homebuyer tax credit, which was set to expire on Nov. 30. Buyers looking to cash in on the $8,000 tax benefit would have had to close on their purchase by then. Lawmakers also approved increasing income limits. President Barack Obama is expected to sign the bill into law on Friday. The new program is estimated to cost $11 billion. Here are the details:

FIRST TIME BUYERS

Credit: Equal to 10 percent of the home's purchase price, up to $8,000

Who Qualifies:

• Those who haven't owned property in the last three years
• Those with income up to $225,000 for couples and $125,000 for individuals (credit phases out for people who make more than these amounts)
• Must be at least 18 years of age to claim credit

Deadlines:

• Have until April 30, 2010, to enter into contract for a home purchase
• Have until June 30, 2010, to close on the purchase

CURRENT HOMEOWNERS

Credit: Equal to 10 percent of the home's purchase price, up to $6,500

Who Qualifies:

• Those who have owned and lived in their principal residence for at least five consecutive years during the past eight years
• Those with income up to $225,000 for couples and $125,000 for individuals (credit phases out for people who make more than these amounts)
• Must be at least 18 years of age to claim credit

Deadlines:

• Have until April 30, 2010, to enter into contract for a home purchase
• Have until June 30, 2010, to close on the purchase

In addition, buyers have another year to take advantage of the higher loan limit for mortgages backed by the Federal Housing Administration, Fannie Mae or Freddie Mac -- set at 125 percent of local median home sales prices, up to a maximum of $729,750 in high-cost housing markets. The limit in normal markets will remain $271,050 for FHA and $417,000 for Fannie Mae and Freddie Mac.

What this all means is that many more buyers qualify for the tax credit. So what are you waiting for? If you're even remotely considering buying a home, now's the time to do it. Don't let the first time buyers have all the fun.