The Federal Tax Credit has been extended and expanded! First time home buyers can qualify for an $8,000 tax credit just like before. In addition, existing home owners can qualify for a $6,500 tax credit on a new home.
Here's a quick list of what you need to know:
$8,000 Tax Credit for First Time Buyers
$6,500 Tax Credit for Existing Home Owners
$8,000 Tax Credit. (10% of the cost of the home or $8,000, whichever is less.)
First-time home buyer (must not have owned a home for at least the previous three years)
Income limits:
Single income up to $125,000
Married income up to $225,000
Must buy a principal residence on or before April 30, 2010 and close on the home by June 30, 2010.
For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.
$6,500 Tax Credit. (10% of the cost of the home or $6,500, whichever is less.)
Existing homeowners must have owned and lived in their current home five out of the preceding eight years.
Only principal residences qualify. No second homes or investment properties.
Income limits:
Single income up to $125,000
Married income up to $225,000
Must buy a principal residence on or before April 30, 2010 and close on the home by June 30, 2010.
If you're a first time or current home owner you now have more time to take advantage of this program.
Extended & Expanded!
$8,000 Tax Credit for First Time Buyers 
$6,500 Tax Credit for Existing Home Owners 
