The extension of federal income tax credit for homebuyers will now also include homeowners who wish to “move on” after 5 years of living in their current property, as well as first-time homebuyers. This move is being dubbed by many as the housing stimulus for the public.
But who are eligible to get the tax credit & what is the meaning of first-time home buyer are the questions raised by many. To explain these terms in short, the government states that a first-time homebuyer is someone purchasing a first home but also someone buying a home who has not been a homeowner in the past three years. So home owners can make use of this credit for home repairs and updates, such as flooring, appliances, countertops, bathroom fixtures, electrical or plumbing needs, etc.
Therefore, first-time buyers looking at homes in disrepair would likely benefit by using this incentive. Also more information on this, including a simple table about the eligibility of the home owners in availing the tax credit on this so called housing stimulus has also been discussed in the video. Since the last date for a written binding contract ends on April 30,2010 ,it is expected for many people to look into this scheme