Here's a great explanation of how the original $8000 first-time homebuyer tax credit works. Contrary to the video, the tax credit has since been extended until April 30, 2010. A $6500 tax credit for repeat buyers will also go into effect as of December 1, 2009. Income limits have also been raised. A new video explaining both the extension and the expansion will be posted soon. For more information, visit www.OwnAPortlandHome.com.