Housing Stimulus Program

Every one of us knows how important it is to own a house that is comfortable and safe. Having a clean shelter is even one of the basic needs of people and yet the news is still sad that there are still a lot of people in this world who are homeless. Although some are renting, we still can’t consider this people secured as they don’t own the house where they are living. That is why, because of their Housing Stimulus program, the federal income tax credit for homebuyers 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 homebuyers. So you can understand more about this, see the video below.

To summarize, here are some points from the video.

• First-time homebuyers, or those who have not owned in the last three years, can receive up to an $8,000 tax credit;
• Homeowners who have lived in a current home consecutively for 5 of the past 8 years can receive up to a $6,500 tax credit;
• There may be no future extensions, so all qualified homebuyers are urged to act and have a written, binding contract by April 30, 2010 (close by June 30, 2010);
• Income limits are now $125,000 for singles, $225,000 for married couples with a $20,000 phase-out of the credit for both.