buying first home?? 2010 Homebuyer Tax Credits will help you..

If you are a first time home buyer. There is a good news. Homebuyer Tax Credit extension can work in favor of you. It was bound to end in 2009. Now since there is an extension, this is the time for you to take advantage of it.

As the video describes, first-time homebuyers, or those who have not owned in the last three years, can receive up to an $8,000 tax credit or 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 will be no future extensions, So it will be a good idea to have your contracts signed before April 30, 2010. (Income limits are now $125,000 for singles, $225,000 for married couples)

Video also describes how important the housing industry to US economy and what benefits it has for it's gross domestic growth. So in line with that, according to The National Association of Realtors an estimated $22 billion has already been added to the general economy as a result of this bill and approximately 2 million people have utilized the tax credit in 2009.

check out the learn center at coldwellbanker.com for a more comprehensive list of eligibility criteria on buying first home.