First Time Home Buyer Deadline drawing near!

The Worker, Homeownership, and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, includes tax credit benefits for select homebuyers. Here are some of the details:

• First-time homebuyers, or buyers who have not owned a home in the past 3 years, may qualify for a tax credit of up to $8,000.

• Existing homeowners, who have owned and occupied the same principal residence for a period of five consecutive years during the last eight years, may qualify for a tax credit of up to $6,500, after buying a new principal residence.

• Homebuyers must enter into a written binding purchase contract by April 30th, 2010, and close on the purchase by June 30th, 2010.

• Maximum annual income limits are $125,000 for individuals and $225,000 for joint filers.

• Home purchase price cannot exceed $800,000.