If you need one more reason to make buying a home a smart financial move– aside from home prices being very attractive and mortgage interest rates continuing to hold at all time lows, there is money just waiting to be had in the form of a tax credit!

The home buyer tax credit has been revised to still include first-time home buyers but also expanded to current home owners too.

What to know:

First-Time Home Buyers:

• The definition of a first-time home buyer is someone who has not owned a home in the past three years.
• The tax credit is up to $8,000

Repeat Buyers (those who currently own a home):

• You must have lived in the home you own now consecutively for at least 5 of the previous 8 years.
• The tax credit is up to $6,500

For Both First-Time and Repeat Buyer:

• The annual income limit to be eligible is $125,000 for individuals and $225,000 for couples filing jointly.
• Individuals with income up to $145,000 and joint filers with income up to $245,000 may qualify for a partial credit
• The home you are buying must be used as your primary residence – no vacation homes or investment property qualify

But hurry up - because there is an expiration date on this offer! You must sign a purchase contract by April 30, 2010 and complete the transaction by June 30, 2010.

Please remember, these are guidelines and your accountant or tax advisor can provide information specific to your individual situation or needs. To apply for a mortgagee, or if you have mortgage related questions please contact Marianne Lane at Coldwell Banker Mortgage.