Friday, April 2, 2010

$8,000 Tax Credit for Homebuyers

Everyone definitely wants to own their dream house, but aside from all the expenses involved from buying to construction, paying real estate taxes can be a burden on the pocket. Tax credit plans similar to the one in the U.S. is a sure way to save and lessen this burden. Home ownership is now within reach.

The First Time Homebuyer credit has helped millions of families in the U.S. to achieve their dreams of owning their homes. Its impact has tremendously been positive - housing market sales has increased and approximately 1.2 million buyers have entered the market. This has also played a great role in the government's effort to maintain housing market and economic stability.

Last November, the Obama administration had expanded and extended the 2010 Homebuyer Tax Credit. First time home buyers and current home owners still has time to take this opportunity and make use of the federal government's homebuyer tax credit plan.

The tax credit for first-time home buyers or those who have not owned in the last three years, can receive up to $8,000 tax credit. Long time home owners also qualify for the tax credit, if they choose to buy another property. These homeowners who had lived in their current home consecutively for 5 of the past 8 years can receive up to a $6,500 tax credit.

Americans still have 30 days left to act. To be able to claim the tax credit, they need enter the legally binding contract on or before April 30, 2010 and close on the home by June 30, 2010. Also, make sure to check on all set criteria for credit claiming.