Home Buyer Tax Credit - Great For Arkansas

I am a home lender and I have found many people that are buying or building homes that typically would not have done so because they could get the home buyer tax credit

What is the home buyer tax credit you ask. Well let me tell you a little about it. This is a federal income tax credit that was started last year that would give first time home buyers a tax credit for buying a home. Well this federal income tax credit for homebuyers has been extended and expanded to now include homeowners who wish to "move on" after 5 years of living in their current property, as well as first-time homebuyers.

How smooth is that. If you are thinking about buying a home and you meet certain qualifications it is like the government giving you a chunk of your money back. What better incentive to buy a home that to get cash for doing so. Here are some of the qualifications:

• First-time homebuyers, or those who have not owned in the last three years, can receive up to an $8,000 tax credit
• Homeowners who have lived in a current home consecutively for 5 of the past 8 years can receive up to a $6,500 tax credit
• There may be no future extensions, so all qualified homebuyers are urged to act and have a written, binding contract by April 30, 2010 (close by June 30, 2010)
• Income limits are now $125,000 for singles, $225,000 for married couples with a $20,000 phase-out of the credit for both.

If you would like to here more about it the following video would be very helpful to watch.