FIRST TIME HOMEBUYERS TAX CREDIT: You have 39 days to be in contract.

"Crunch time Reno home buyers!" Awesome picture by:  jp3553

If you want to avail of this tax credit you have to be in contract by April 30, 2010; to close by June 10, 2010. Today is March 22nd. You have 39 days to find the house that you want and have a signed (by both buyer and seller) contract. It's crunch time! Please don't wait 'till the last minute.

The credit was supposed to end last year but the government decided to extend it; it's likely that they won't extend this anymore. I hope they do, but it's better to be safe than sorry.

Here are the FAQ:

Frequently asked questions

--Who is eligible to claim the $8,000 tax credit?

--What is the definition of a first-time home buyer?

--How is the amount of the tax credit determined?

--Are there any income limits for claiming the tax credit?

--The income limits for claiming the tax credit were raised when the tax credit was extended. Are the higher income limits retroactive?

--What is "modified adjusted gross income"?

--If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?

--How is this home buyer tax credit different from the tax credit that Congress enacted in early 2009?

--What types of homes will qualify for the tax credit?

--I read that the tax credit is "refundable." What does that mean?

FAQ about the move-up / repeat home buyer tax credit:

Frequently asked questions

--Who is eligible to claim the $6,500 tax credit?

--What is the definition of a move-up or repeat home buyer?

--How is the amount of the tax credit determined?

--Are there any income limits for claiming the tax credit?

--What is "modified adjusted gross income"?

--If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?

--Can you give me an example of how the partial tax credit is determined?

--How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008? How is this different than the rules established in early 2009?

--How do I claim the tax credit? Do I need to complete a form or application? Are there documentation requirements?

--What types of homes will qualify for the tax credit?

--I read that the tax credit is "refundable." What does that mean?