Are you a first-time home buyer? Do you live in your property for 5 years already? There is good news for you this year. The federal income tax credit for homebuyers has been extended and expanded. It includes homeowners who live 5 years in their property and those who are first-time home buyers. If you do not own a home in the last three years and you are a first-time home buyer, you can receive up to $8,000 tax credit this year. If you are a homeowner and lived in your property for the last 5 years, you can receive up to a $6,500 Tax Credit this year. If you qualify, do something now, bind your contract by April 30, 2010 and should be close by June 30, 2010. Remember, this year's income limits are $125,000 for singles; $225,000 for married couples with a $20,000 phase-out of the credit for both. By the way, you will qualify if the home you purchased is below 800,000.
Watch the video above and it will help you understand better about the tax credit that you will get as a first-time home buyer. Check out the video and visit the Website which is provided here.