$8000 tax credit for first time home buyer in 2009

I have been research everyday to get the details about this. Here is what I found so far:

From the Wall Street Journal:

Congress slightly increased to $8,000 an existing $7,500 credit for first-time homebuyers and eliminated repayment provisions. Congressional negotiators said that $8,000 number isn’t yet finalized…

The new credit is retroactive to Dec. 31, 2008, which means that anyone who buys a house this year, through August, won’t have to repay it. First time buyers who used the credit in 2008 still have to pay it back over a 15-year period.

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Ling's note: Somewhere else I read that credit is available to buyers who close on a house through Dec 1, 2009 -- why not Dec 31, 2009? I don't know.

Alo, there is income limit. For people making over $75,000/yr or couple over $150,000/yr, this may not apply.