Lake Tahoe Real Estate- Take Advantage of First Time Home Buyer Creditby Bonnie 
Congress has passed new legislation to extend the First Time Home Buyer Credit of up to $8,000 to first time home buyers until April 30, 2010, so don't miss out on this opportunity! Along with this plan to stimulate the US housing market and address the economic challenges facing our nation, Congress has also expanded the credit to grant up to $6, 500 credit to current home owners purchasing a new or existing home until April 30, 2010. Those who qualify as first time home buyers are purchasers, or spouses, who may not have owned a residence during the first three years prior to purchase. This tax credit my be applied to primary residences, including single family homes, condos, townhomes, and co-ops. The maximum credit amount allowable for first time home buyer is $8,000 and $6,500 for current homeowners. Other factors affecting amount of credit are the price of the home and buyer's income. The credit may only be applied toward homes $800,00 or less. Maximum credit may be awarded to those who are single and earn less than $125,000 a year or married couple with incomes up to $225,000. However, those whose incomes exceed these limits are still eligible for the credit. A buyer can still qualify if he/she closes after April 30, 2010, as long as a written binding contract to purchase is in effect by this deadline. The tax credit will not need be repaid as long as the buyer occupies the residence for at least three years. 
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