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2009 Tax Credit has been expanded and now provides an outstanding opportunity for First-Time Home Buyers and Repeat Home Buyers!

A tax credit of up to $8,000 is now available for qualified First-Time Home Buyers purchasing a principal residence on or after January 1, 2009 and before April 30, 2010. If the sales contract is signed before April 30, 2010, the purchase must be completed by June 30, 2010. The tax credit is equal to 10% of the home’s purchase price up to a maximum of $8,000.

A tax credit of up to $6,500 is available for qualified Repeat Home Buyers purchasing a home after November 6, 2009 and on or before April 30, 2010. If the sales contract is signed before April 30, 2010, the purchase must be completed by June 30, 2010. The tax credit is equal to 10% of the home’s purchase price up to a maximum of $6,500.

The tax credit does not have to be repaid.

For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the homeowner.

The tax credit only applies to homes priced at $800,000 or less.

A First-Time Home Buyer is defined as someone who has not owned a principal residence during the 3-year period prior to the purchase.

A Repeat Home Buyer is defined as someone who has owned and lived in his or her previous home for 5 consecutive years out of the last 8 years.

Also see: http://www.federalhousingtaxcredit.com/glance.php