There has never been a better time to buy a home than right now. Whether you are buying your first home or have been thinking about upgrading or downsizing, now is the time to act. Here are the details for both Tax Credits:

First Time Home Buyers:

Credit will equal 10 percent of the home’s purchase price up to $8,000. Which means purchase a home greater than $80,000 and you qualify for the full $8,000 credit.

Who Qualifies as a First Time Home Buyer:

• You haven’t owned a home in the past three years
• Your income doesn’t exceed $225,000 for married couples and $125,000 for individuals.
• Must be at least 18 years of age
• Purchase price of home must not exceed $800,000

Deadlines:

• You must enter into a contract to purchase a home by April 30, 2010
• The purchase of the home must close by June 30, 2010

Current Homeowners:

Credit will equal 10 percent of the home’s purchase price up to $6,500. Which means purchase a home greater than $65,000 and you qualify for the full $6,500 credit.

Who Qualifies as a Current Homeowner:

• You have owned and lived in your principal residence for at least five consecutive years during the past eight years.
• Your income doesn’t exceed $225,000 for couples and $125,000 for individuals.
• Must be at least 18 years of age
• Purchase price of home must not exceed $800,000

Deadlines:

• You must enter into a contract to purchase a home by April 30, 2010
• The purchase of the home must close by June 30, 2010