With home prices and interest rates at all time lows and only 30 days left before the First Time Homebuyer Tax Credit expires, many folks are taking action and looking to buy a home. The $8,000 tax credit, extended and expanded to include current homeowners in 2009, expires on April 30th, 2010.

Qualifying for the Tax Credit

In order to qualify for the credit, homeowners must be under contract on a home by April 30th, 2010 and close on the home by June 30th, 2010.

Current homeowners who have signed a contract to buy a home, on or before April 30th, qualify for a dollar-for-dollar deduction on their taxes, equaling 10% of the home up to $6,500. First time home buyers (who haven't owned a home within the last three years), can get up to $8000 tax credit.  Married couples must both qualify as a first time buyer to get the tax credit. 

To claim the tax credit, you will need send (no electronic fillings allowed) the IRS Form 5405 and a copy of the HUD-1 settlement statement. To find out more about First-Time Homebuyer Credit filing requirements, visit IRS.Gov. 

Thank you for taking the time to read the  information I have made available to you.  If you are considering buying or selling property, planning to relocate, looking for Fremont homes for sale, or looking for any other information about real estate in the Fremont real estate market, or the surrounding areas, please visit the most complete website dedicated to everything real estate related www.ClydeBrownHomes.com.

If you or someone you know are in need of a competent and experienced Bay Area Realtor, or have real estate or mortgage related questions, please feel free to contact me I will be more than glad to answer your questions. Call me at 800-839-0665 or email me at Clyde@ClydeBrownHomes.com. For all your East Bay cities needs including Fremont, Newark, Union City, Hayward, Oakland, Santa Clara, Milpitas, Dublin, Livermore, Pleasanton, and San Ramon. Clyde Brown Legacy Real Estate & Associates.