Don't Miss The Tax Credit.

New Tax Credits Benefit Both First Time Buyers and Current Homeowners.

First time homeowners aren't the only ones who can claim a tax credit when they purchase a new home. Now current homeowners can take advantage of the tax break too, if they qualify.

Buyers now have until June 30, 2010, to close on their purchase and will need to submit documentation with their tax returns to claim the credit. Here are the details:

FIRST TIME BUYERS

Credit: Equal to 10 percent of the home's purchase price, up to $8,000.

Who Qualifies:
Those who haven't owned property in the last three years
Those with income up to $225,000 for couples and $125,000 for individuals
Must be at least 18 years of age
Purchase price must be $800,000 or less
Deadlines:
Have until April 30, 2010, to enter into contract for a home purchase
Have until June 30, 2010, to close on the purchase

CURRENT HOMEOWNERS

Credit: Equal to 10 percent of the home's purchase price, up to $6,500

Who Qualifies:
Those who have owned and lived in their principal residence for at least five consecutive years during the past 8 years.
Those with income up to $225,000 for couples and $125,000 for individuals
Must be at least 18 years of age
Purchase price must be $800,000 or less

Deadlines:
Have until April 30, 2010, to enter into contract for a home purchase
Have until June 30, 2010, to close on the purchase

In addition, buyers have another year to take advantage of the higher loan limit for mortgages backed by the Federal House Administration, Fannie Mae or Freddie Mac-set at 125percent of local median home sales prices, up to a maximum of $729,750 in high-cost housing markets. The limit in normal markets will remain $271,050 for FHA and $417,000 for Fannie Mae and Freddie Mac.

What this all means is that many more buyers qualify for a tax credit. So what are you waiting for? If you are even remotely considering buying a home, now is the time to do it.