This is a Sponsored Post written by me on behalf of Coldwell Banker. All opinions are 100% mine.

If you remember, 2009 provided first time home buyers with tax incentives. The idea, of course, is to get our economy moving again, and with home prices at all-time lows, those who have been saving for that “it’s all mine!” home were (and still are) in a prime position. The government was set to help you into your first home.

2010 promises even more with the interesting news that there are 2010 Homebuyer Tax Credits available! And the best part is that these homebuyer tax credits now extend to help even more people (not just the first time buyer). Here is what’s new:

o First time buyer? You will receive up to $8,000 in tax credits for purchasing your first home. “First time” means that you have not owned a home in the last three years. Yes, it puts a whole new meaning on the words “first time home buyer.”

o Looking to move up? You, too, are in luck with tax credits of up to $6,500 at your disposal if you have lived in your present home for at least five of the past eight years (consecutively, not just hit and miss).

If you are worried about maximum caps on income in order to qualify, you will be pleased to hear that if you are single your income limit is $125,000. Married? Then, combined, your income cannot exceed $225,000 “with a $20,000 phase-out for the credit for both.”

However, good things will not last forever, so if getting your first home or “better” home is part of your plans for 2010, then hurry. No one knows if extensions will happen or not. So know that you must have a binding (the means in writing) contract by April 30, 2010 and you must (currently as the law stands) close by June 30, 2010.

Still nervous? Don’t be – in fact consider yourself truly lucky. Housing prices that have been sky high for a long time are finally more than in reach for the majority of Americans still employed – and there are many of you out there!

Watch the video below for more information!

Like what you just heard? Then what are you waiting for? Head on over and start your search for the right home at the right price today!

Tags: coldwell banker, economy, first time buyer, first time home buyers, interesting news, prime position, tax credits, tax incentives

This entry was posted on Monday, December 28th, 2009 at 9:54 pm and is filed under Hot Topic News, economics, economy, family, learn how to, politics, recovery, save money, tax credits, tax incentives, u.s. citizens, videos. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.