If you're a first time homebuyer and you think that it is too late to take advantage of the $8,000 tax credit, think again. If you are a current homeowner thinking about moving up into a larger home or downsizing into something smaller, now is the time to start your search. President Obama has recently signed into law an extension and expansion of the first time home buyer credit which now benefits more than just the first time buyer.

Here are the details:

• Buyers must sign a contract prior to April 30th, 2010 and close on their new home before the end of June.
• Up to $8,000 tax credit (10% of the purchase price of the new home) for first time homebuyers.
• Up to $6,500 tax credit (10% of the purchase price of the new home ) offered to homebuyers who have lived in their current home for at least 5 concurrent years and who want to move up or downsize and buy a new primary residence.
• Couples earning up to $225,000 per year and individuals earning up to $125,000 now qualify for the credit.
• Tax credit is not available for homes priced over $800,000.
• Buyers who sell their new home or decide not to use it as their primary residence within three years would need to repay the credit.
• Special rules for active duty military - military personnel are not required to pay back the credit if he/she needs to stop using the home as a residence because of extended duty. Also, those serving outside the U.S. during any part of 2009 or the early part of 2010 will get an additional year to claim the credit.

Winchester Homes can help answer any questions you may have about the tax credit. Visit one of their new home communities throughout Virgina and Maryland to get additional information.