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This video very simply describes the current Housing Tax Credit.
It is geared towards Washington state homebuyers but applies to the rest of the nation.

First Time Homebuyers

The current law is extended until April 30, 2010. Buyers have until that date to have a signed purchase agreement. There is an additional 60 day grace period to complete the financing. More first time homebuyers are eligible because the new law raises the annual income limits from $75,000 to $125,000 for singles and from $150,000 to $225,000 for married couples.

Current Home Owners

Over 60 percent of current home owners will be eligible for a tax credit of up to $6,500 if they purchase a home by April 30, 2010. These homebuyers must have lived in their home for five consecutive years over the previous eight years to qualify. Qualified homebuyers can get the credit if they purchase a home for $800,000 or less as their primary residence between November 7, 2009 and April 30, 2010. The income limits are the same as the First Time Homebuyer listed above.

Try our unique tools to find the perfect home:

We have created an online resource of answers to your questions about home buying. Our Home Buyers FAQ is a great resource, so is our FREE download/print version of our Home Buyers Guide.

These are great tools for home buyers and help to familiarize you with the home buying process. Search tips, financing, what to look for and a general overview of the home buying process. When you are ready for an agent to help YourPlaceForHomes has a network of professional real estate agents.

Our amenity map can help you narrow down the neighbohood(s) that will be perfect for you. Take a look at this video to learn how to use our tools to find the perfect neighborhood!

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Have real estate questions? Visit the FAQ, find your answers and download your FREE Home Buyer Guide!