This is a great time to buy a home!
Mortgage rates remain low, sellers are motivated to sell, and two government tax credits for home buyers are available.
First-time home buyers can receive up to an $8,000 tax credit towards the purchase of a home that will be used as their primary residence for the next 3 consecutive years.
Move-up or repeat home buyers can receive up to a $6,500 tax credit if they have owned and resided in their current home for 5 of the last 8 years.
Both tax credits limit the purchase price of the new home to not more than $800,000, and annual maximum income limits are $125,000 for singles and $225,000 for married couples. Buyers must sign a purchase contract by April 30, 2010 and close by June 30, 2010.
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