Home Buyer Credit

Good News To All First Time Home Buyers!

Home buyers are going to enjoy the fact that the extension of new home buyer tax credit has been again moved again from November of last year to April 30, 2010. If you want to have a new home, this is the year that you get one. The extension is sign that you should and an opportunity that you shouldn’t let pass.

There are just important facts that first-time home buyers need to remember. First of all, first-time home buyers refer only to people who haven’t owned a home for three years until the time of purchase. Also, the same limit is retained for first-time home buyers at $8, 000, while the limit increases for people who made the purchase after November 6.

There are also new restrictions that home buyers have to be aware of. First, if you purchase a home for more than $800,000 no credit will be available for you. Also, dependents are not eligible to claim someone else’s credits. And of course, most importantly, you should be of legal age before you can make a purchase, meaning 18 years old and above.

For people who are members of the Armed Forces or those working in federal services and serving outside the United States also has an additional year to make a purchase of their principal residence inside the United States and can still be qualified for the credit. That means they can still make a purchase and sign a contract by April 30, 2011 and settle everything by June 30, 2011.