President Obama signed into law the First Time Home Buyer’s Tax Credit. The bill extends the tax credit for First Time Home Buyer’s or people who have not owned a home with the last three years. In order to qualify for the tax credit all contracts need to be in effect no later then April 30^th, 2010 and close not later then June 30^th, 2010.

The tax credit for First Time Home Buyer’s is 10% of the purchase price of the home with a maximum available credit of $8,000.

There is an exciting new tax credit for those who already own a primary residence. Home owners can qualify for a tax credit up to $6,500 if they sell their homes from November 6^th, 2009 to June 30^th 2009. To qualify home owners must have occupied the home as a primary residence for a period of five consecutive years during the last eight years.

For more details on this new program give me a call or e-mail today to show you how to benefit from the new tax credits.