Good news for Internet readers and first-time home buyers. Now federal income tax credit for home-buyers has been extended and expanded. The complete details of the article which will be useful for all home buyers is given below.

Important news regarding Tax Credit for Home Buyers

If you are first time home buyers and you have not owned house in last three years, it is possible to received upto 8000$ as tax credit
If you are home owners who have lived in your current home consecutively for 5 of the past 8 years, then you can receive up to $6,500 Tax Credit
Avail this advantages as there will be no future extensions as all qualified home buyers are urged to act and have written binding contract by April 30, 2010. Since time is nearing by, it is good to act smart and quick.

Change in Income Limits

There is change in Income limits as well. It is now $125,000 for married couples and 20,000$ phase out of the credit for both.

Check out the video which is provided at the given link which provide good information regarding federal income tax credit and more information that can be useful for you.
The federal income tax credit for home-buyers 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 home-buyers.

Accordint to News Release of Then National Association of Realtors dated 11 th May 2009, an estimated 22$ billion has already been added to the general economy. This helps around 2 million people who can utilize the tax credit.