The deadline for the First Time Home Buyer Tax credit was fast approaching, but we have good news!! The $8000 Tax Credit program has been extended! Not only do first time buyers now have until April 2010 to choose a home, but those current home owners who are looking to buy a home may also qualify for a new $6,500 credit! There is a little something for most everyone in the extended program!

If you were worried about missing the November 30^th deadline, you now have until April 30th, 2010 to be under contract to buy a Smith Mountain Lake home and get a tax break! You can schedule your closing anytime through June 30^th, 2010! The extra two months to close will hopefully avoid the backlog of closings agents have seen as the original deadline approached.

If you are a first time home buyer, not much has changed in the extension. Any home that can be used as a primary residence is eligible under the program. Even houseboats qualify under the extension! You cannot purchase a home from a family member and qualify for the tax credit. Income guidelines are $125,000 for single tax payers and $225,000 for those who are filing jointly. To be considered a first time home buyer you still must not have owned a principal residential property in the last three years. But with the new extension, if you own a home, you may still qualify for a tax credit!

Repeat Buyers are now eligible for a tax credit up to $6,500 on the purchase of a home. To be considered a repeat buyer, you will need to have owned and resided in a home for five consecutive years out of the last eight years. The income guidelines are the same as a first time buyer: $125,000 for single filers and $225,000 for married couples filing jointly. You can purchase any primary residence up to $800,000 and earn a 10% tax credit up to $6,500. For the first time buyers the highest amount of the credit is $8,000!

You can't find a better incentive for buying that waterfront home you have been thinking of! Come visit Smith Mountain Lake, if you like it then move here! If you have questions about the Home Buyers Tax Credit extension, call Vicki Millehan! She is your local real estate expert!