TAX CREDIT

The current tax credit is $8,000.00 for first time home buyers and $6,500.00 for repeat buyers purchasing a home as their principal residence. Repeat buyers must have lived in the same principal residence for any 5 consecutive year period during the eight year period that ended on the date the replacement home is purchased. Under this law, an eligible taxpayer must enter into a binding contract by April 30, 2010 and close by June 30, 2010.

Time is running out to take advantage of these credits since (due to government red tape) it is taking an average of 60 days to get final loan approval.