Opportunity of a Lifetime

For aspiring home owners who find their goal stubbornly elusive, newly enacted legislation providing a tax credit of as much as $8,000 for first-time home buyers and up to $6,500 for qualified repeat home buyers might just be the opportunity of a lifetime.

But like so many of the good things in life, time is of the essence for buyers who want to take advantage of this outstanding opportunity. Only homes purchased on or after January 1, 2009 and before April 30, 2010 are eligible. Visit the National Association of Home Builders site to learn more about the tax credit.

First-Time Home Buyer Tax Credit at a Glance

• The $8,000 tax credit is for first-time home buyers only.
• The tax credit does not have to be re-paid.
• The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.
• The income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
• The credit is available for homes purchased on or after January 1, 2009 and before April 30, 2010
• Find out more information on the first-time home buyers tax credit.

Repeat Home Buyer Tax Credit at a Glance

• Buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
• The tax credit does not have to be re-paid.
• The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $6,500.
• Applies only to homes priced at $800,000 or less.
• The credit is available for homes purchased on or after January 1, 2009 and before April 30, 2010
• Find out more information on the repeat home buyers tax credit.