Tax Credit for Home Buyers  

There is some good news for homebuyers. Coldwell, a reliable full-service real estate provider has a blog that talks about the latest federal law which has extended the home
buyer tax credit to first time house owners and also to those who have been living in their current property. The binding contract provides greater tax credit to those who would be moving into their own property for the first time and have income limits within the specified range. Those planning to move to a second property will get slightly less tax credit. This law, which saves as much as $8000 for first time home owners, goes a long way in encouraging people to buy their own homes. There is a slab of $225,000 for the income of a couple while it is $125000 for individuals. Similarly the tax credit benefits only those people whose house costs less than $800000, thus ensuring that the tax credit benefits the middle income groups more than wealthy classes of the society. As many as 2 million people are expected to benefit from this tax credit, which will help lighten the gloom of the mortgage crisis and once again encourage people to invest in real estate and move into their own homes.