Key Points of Fed's Home Buyer Tax Credit

FIRST TIME HOME BUYER:
A tax credit of up to $8,000 is available if you have not owned a home as a primary residence for at least 3yrs. A purchase on or after January 1, 2009 that is in escrow on or before April 30, 2010 will qualify.

REPEAT HOME BUYER:
A tax credit of up to $6,500 is available for repeat home buyers who have owned a home for five consecutive years out of the eight years prior to purchase. A purchase after November 6, 2009 that is in escrow on or before April 30, 2010 will qualify.

In both cases the purchased home MUST BE THE NEW PRIMARY RESIDENCE (you do not qualify if you purchase a vacation home or an rental property). There are income limits and purchase price limits but the vast majority of people will qualify. It's a great program but will expire on April 30th!!! If you're thinking about buying a home it's a terrific time!!! Please contact me if you have any questions.