If you are among the many people that are waiting to buy a new home you might want to check out the home buying tax credits that are now being offered. You can take advantage of the home buying tax credit if you are a first time home buyer or if you have not owned a home for the past three years. This group of potential home buyers may qualify for a $8,00 tax credit towards their new home. Then there is another group that many potential home buyers may fall into and they are the potential buyers that have lived in their home for the past 8 years consecutively. This group of people may qualify for a $6,500 tax credit. So if you have been thinking about buying anew home because you have outgrown your existing home or maybe you are wanting to downsize this is a good time to do it and take advantage of the tax credit incentive package. It ends in April so you have to have a written contract on the house that you are planning to buy before the deadline to qualify for the tax credit program.
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