$ 8,000 Tax Credit for First Time Homebuyers

A home is a good investment. Everybody wants the comfort of your own home that is why if you are dreaming to have your own place that you can call a home, now is the time to buy and invest on it. The dream of home ownership is within reach now because the congress has passed a new legislation that first time home buyers will get $8,000 tax credit. This First-Time Home Buyer Tax Credit is good until April 30, 2010. Homeowners who have lived in a current home consecutively for 5 of the past 8 years who wants to purchase a new home can receive up to a $6,500 tax credit. For homeowners, to take advantage of the home buyer tax credits, there should be a written binding contract to purchase on or before April 30, 2010 and that the closing should be done by June 30, 2010.

Are you qualified on this program? Single buyers with incomes up to $125,000 and married couples with incomes up to $225,000 may receive the maximum tax credit. The tax credit may only be awarded on homes purchased for $800,000 or less.

There is so much to learn about this Homebuyer Tax Credits. If you are interested to learn about this based on your personal situation, speak with a local Coldwell Banker agent to assist you with any questions you may have. Coldwell Banker organization has been a premier full-service real estate provider.