Final week to enter contract for Federal Tax Credits

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This is the final week for home buyers to enter a binding contract to take advantage of the federal tax credits for certain home buyers.  Eligible purchasers must enter contract by April 30 and close escrow before July 1 to claim the tax credits on their federal tax returns.  A one-year extension may be available for members of the military and other federal employees who served on official duty outside the U.S. for at least 90 days from January 1, 2009 to April 30, 2010.  

First-time buyers may be eligible for up to $8,000, while existing homeowners may be eligible for a tax credit of up to $6,500.  Neither credit requires repayment if buyers live in the residence for three or more years.

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