Just an update about the Home Buyer Tax Credit of up to $8000. which is still available for first time home buyers purchasing on or after January 1, 2009 and on or before April 30, 2010. In cases where a binding sales contract is signed by April 30, 2010, a home purchased completed by June 30, 2010 will quality.

A tax credit of up to $6,500 is available for repeat home buyers who have owned a home for five consecutive years out of the prior eight years. The repeat home buyer tax credit applies to houses sold after November 6, 2009 and on or before April 30, 2010. In cases were a binding sales contract is signed by 4/30/2010, a home purchase completed by 6/30/2010 will qualify.

Income limits of $125,000 for individuals and $225,000 for married couples.

Home purchases in 2010 may be claimed on an amended 2009 income tax return.

Neither the first-time nor the repeat home buyer tax credits have to be repaid unless the home is sold or ceases to be used as the buyer's principal residence within three years after the initial purchase.