Time is growing short for you to find your new home and take advantage of the federal home buyer tax credit program. The credits are available to both first time buyers and to those currently owning a home. The good news is that if you have signed a purchase contract by April 30, as long as the purchase is closed by June 30 the tax credits will be accessible. The 61-day period for closing should be sufficient because nearly all home purchases close within 60 days. Any home that will be the buyer’s principal residence qualifies, so long as the purchase price is no more than $800,000. Both single taxpayers and married couples filing a joint return may qualify for the full tax credit amount, whether they are first time buyers or current owners. Income limits apply to both credits. The National Association of Home Builders estimates that about 70% of all buyers should qualify for some type of credit. For the purpose of the credit program, “first time buyer” means the purchaser has not owned a home for three years. A current home owner must have owned and occupied the same home as a primary residence for five consecutive years during the last eight years. For first time buyers, the credit is 10% of the purchase price, up to the maximum available credit of $8,000. The credit for current owners is also 10% of the purchase price but with a maximum of $6,500. An income up to $125,000 qualifies an individual filing taxes as a single person for the full credit. For married couples filing jointly, the limit is $225,000. The income limit refers to the taxpayer’s “modified adjusted gross income.” People earning more than the cap may qualify for a partial credit. The tax credit applies to the buyer’s taxes on a dollar-for-dollar basis. If the buyer’s taxes are less than the credit, the buyer gets a refund check. Plenty of homes are being offered for sale. We’re ready to help you find that perfect new home and then guide you through the closing.