First Time Home Buyer Credit Stimulus Details

BREAKING NEWS: On November 6, the Obama Administration announced that the first-time homebuyers credit has been extended to June 30, 2010! To qualify, you need to have a home under contract by April 30, 2010 and close on the loan by June 30, 2010. Remember, this is a tax credit, not a deduction, meaning you're eligible to receive up to an $8,000 tax credit if you're a first-time homebuyer (defined as anyone who hasn't owned a home in the past three years). Read below for more details.

Also, a $6,5000 tax credit has been offered to homeowners who want to move. Click here for more etails on the homeowners tax credit.

To help stabilize housing prices, the Bush Administration and Obama Administration introduced incentives for first time home buyers.

First time home buyers can take advantage of a tax credit of up to $8,000, money which never has to be paid back, as long as you stay in the property at least three years.

This tax credit applies to primary residences only, and a first time home buyer is defined as someone who hasn’t owned an interest in a primary residence in the three years preceding the purchase of the home.

You have to buy the property between January 1, 2009 and November 30, 2009.

Click here for more information on the $6,500 homebuyers tax credit and the $8,000 first time homebuyers tax credit.