Cristina McBreairty

Legislation has been passed to extend the $8,000 home buyer tax credit to May 1, 2010, for first-time buyers and add a $6,500 tax credit for repeat buyers if they've lived in their home for five of the past eight years.

Home prices are capped at $800,000. The legislation in both houses was included in a bill to extend unemployment benefits and is expected to be signed by President Obama shortly.

Under the bill, income limits are expanded to $125,000 for individuals and $225,000 for joint filers. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.Households who have binding contracts in place by April 30 will be allowed an additional 60 days to complete their transaction. The deadline for members of the military serving out the U.S. for at least 90 days between Jan. 1, 2009, and May 1, 2010, has been extended one year.

Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a check. Taxpayers will be able to claim the credit on their 2009 income tax return for purchases made in 2010.

Click here to compare the current tax credit with the newly passed version.

Are you ready to own a home but are not sure you will qualify due to lack of a down payment? Rural Development may be able to help you!

USDA Rural Development has offers 100% financing opportunities to rural individuals and families with:

• No down payment required
• No expensive monthly mortgage insurance (which means you may qualify for a larger loan)
• Flexible credit and qualifying guidelines
• No maximum purchase price limit
• Closing costs can come from any source including gifts or the seller
• Repairs and improvements can be included in the loan
• Competitive fixed 30-year rates.

So, if you have been thinking about taking advantage of the $8000 Home Buyer Tax Credit, but do not have the money for a down payment and closing costs, think again!

The Rural Development guaranteed loan program has assisted thousands of home buyers customers just like you. It is definitely worth looking into!

Click here for more information and check out my website for more home buying tips!

Great News! It has been tentatively agreed upon to extend the existing $8,000 tax credit for first-time home buyers!

The credit has also been expanded to also offer a new $6,500 credit for existing homeowners who have lived in their current residence for a consecutive five-year period in the past eight years.

Home buyers must be under contract by April 30, 2010, and close before July 1.

This is exciting news!!! Spread the word!!!

Are you getting your Maine Homestead tax exemption?

Tax Relief is available for Maine homeowners who have owned a home in Maine for at least 12 months. It doesn't matter if you sold one home and moved to another, as long as you can show "continuous ownership" over the 12 month period.

The application is quick and easy. Just answer a few questions about your residency and property and send this application to your town officie. That's all you have to do.

Once you apply, you usually do not have to apply again unless you move. When your town mails your tax bill, $13,000 of your home's value will be exempt. The value of this benefit will depend upon the tax rate in your community.

Click on this link to download: Homestead Exemption Form.