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As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.

The Homebuyers Tax Credit is a temporary but important measure to continue economic recovery.  A credit of up to $8,000 will apply to qualifying first-time buyers, and a smaller credit of up $6,500 will now apply to families that have lived in their homes for at least five years and wish to step up to a new home.

The new law extends a similar credit until May, 2011 for members of the uniformed services whose duty takes them overseas. The new law also contains important measures to combat tax fraud and protect responsible homebuyers, including setting a minimum age for home purchase and requiring documentary proof of the purchase in order to receive the credit.

The Internal Revenue Service (IRS) has posted on IRS.gov a revised version of Form 5405, First-Time Homebuyer Credit to incorporate provisions from the American Recovery and Reinvestment Act.

To learn how you can take advantage of this expanded tax credit for first-time homebuyers, call or contact Nationstar Mortgage today!

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