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The Worker, Homeownership, and Business Assistance Act of 2009 now provides a new home tax credit for home purchases for a principal residence occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

$8,000 for First Time Home Buyers

A tax credit of up to $8,000 for first-time home buyers (who have not owned a home in the past three years).

$6,500 for Current Home Owners Or Repeat Buyers

A tax credit of up to $6,500 for repeat buyers who purchase a new home. This includes both Current homeowner's and Repeat buyers who have owned and resided in the same home for at least five years.

New Income Limits

Single tax payers with income up to $125,000 a year and couples filing joint returns with incomes up to $225,000 may now be eligible. In addition tax payers with income up to $145,000 and $245.000, respectively may be eligible for a portion of the credit.

Act Now!!! Rates are at historic lows

To learn more visit www.federalhousingtaxcredit.com.