If you are tired of paying rent or have planned on a home purchase for a couple years now, the year 2010 is the best time to purchase your first home. With the homebuyer’s tax credit being extended and with more people being qualified, you should not wait any longer. It is estimated that 2 million people will take advantage of this tax credit.

The new changes include current home owners who have lived in their primary home for at least 5 consecutive years out of their last 8 years. Qualifying income levels have also been raised.

Benefits of Homebuyer Tax Credit

Married individuals, who have not lived in and purchased a home for the last 3 years, can receive up to $8000 in tax credit.

Current homeowners can get up to $6500 in tax credit for purchasing a new home.

In order to qualify for any of the tax credits, your personal income must be below $125,000 for individuals and $225,000 for married couples. Houses that cost over $800,000 do not qualify for this credit. You do not need to clean up your credit scores. Participants must be over the age of 18 and not a dependent. The tax credit can be used as a down payment for the new house instead of a credit on your tax refund, if you choose this option. This homebuyer tax credit extension ends on April 30, 2010, so act now and get your Real Estate Bailout.

This post is sponsored by Coldwell Banker.