First-Time Homebuyers (FTHBs): That is, people who have not owned a home within the last three years may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000. Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years. Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

What are the New Deadlines?
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

Higher Income Caps
The amount of income someone can earn and qualify for the full amount of the tax credit has been increased. Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn
$145,000 and above are ineligible. Joint filers who earn upto $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

Maximum Purchase Price
Qualifying buyers may purchase a property with a maximum sale price of $800,000.

Remember, the new tax credit program includes a number of details and qualifications. For more information or answers to specific questions, it may be advisable to check with your Tax Advisor.

Please feel free to call or email us for all your Real Estate needs. Upon request we can provide
complimentary custom Market updates or Comparable Market Analysis that will help you make
an informed decision. We wish you great success on taking advantage of this extension of Tax
Credit!

Article Compiled by,

Surekha K. Murthy
Real Estate Agent - Skyline Properties, Inc.
cell: 425 - 941 0654
office: 425 - 455 2065
fax: 425 - 646 4766
email: Surekha@SKMHomes.com
website: http://www.SKMHomes.com
606 120th Ave NE ,
Suite D - 204,
Bellevue, WA 98005