The federal government is giving away money to home buyers.

Do your part. Stimulate the economy. Receive what may be a once in a lifetime income tax credit when you buy your first home or as an existing home owner, buy another home.

If you need more info, please give me a call. I can help.

Here are the details for the Home Buyer Tax Credit of 2009/2010:

Who is eligible?

First Time Home Buyer Maximum $8,000 tax credit Buyers who have not owned a home for the 3 years before this purchase

Current Home Owner Buying New Home Maximum $6,500 tax credit Must have owned a home and used as the primary residence for 5 consecutive years within the past 8 years Must sell or vacate that residence and purchase a new one between 11/7/09 and 4/30/10.

What are the eligible properties to purchase?

The tax credit is for a primary residence. It may be single family, a condo , townhouse or co-op.

What are the purchase deadlines?

The new residence must be purchased between 11/7/09 and 4/30/10. This means buyers must have a written, binding contract by 4/30/10 and close on that transaction before 7/1/10.

How much is the tax credit?

The credit is based on two factors: home price and buyer income

The price of the new home must be less than $800,000

The buyers’ income must be less than $125,000 for single purchasers and less than $225,000 for married buyers.

Purchasers with income over this level may still be eligible for a partial tax credit.

(NOTE: this is a change in income limits from the 2009 First Time home Buyer Tax Credit  for home purchases from 1/1/09  to 11/6/09.)

Does the credit need to be repaid?

Not if the buyer occupies the home for 3 years or more. If you sell the property before the 3 year period is up, you must repay the full tax credit at the time of sale.

Still have more questions? Check out http://www.federalhousingtaxcredit.com/