Homebuyer Tax Credit Extension  President Barack Obama has approved the first-time homebuyer tax credit extension which will extend the tax credit until April 30, 2010.   Who is Eligible• First-time home buyers, who are defined by the law as buyers who have not owned a principal residence during the three-year period prior to the purchase, may be eligible for a tax credit of 10% of the home purchase price, up to a maximum of $8,000.  • Existing home owners who have been residing in their principal residence for five consecutive years out of the last eight and are purchasing a home to be their principal residence (“repeat buyer”), may be eligible for a tax credit of 10% of the home purchase price, up to a maximum of $6,500.  • All U.S. citizens who file taxes are eligible to participate in the program.   Income Limits• Home buyers who file as single or head-of-household taxpayers can claim the full credit ($8,000 for first-time buyers and $6,500 for repeat buyers) if their modified adjusted gross income (MAGI) is less than $125,000.   • For married couples filing a joint return, the combined income limit is $225,000.  • Single or head-of-household taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible are eligible to receive a partial credit.   • The credit is not available for single taxpayers whose MAGI is greater than $145,000 and married couples with a MAGI that exceeds $245,000.   Effective Dates • The eligibility period for the tax credit is for homes purchased after Nov. 6, 2009, and before May 1, 2010.   Types of Homes that Qualify• All homes with a purchase price of less than $800,000 qualify, including newly-constructed or resale, and single-family detached, townhomes or condominiums, provided that the home will be used as their principal residence. Vacation home and rental property purchases do NOT qualify.     Tax Credit is Refundable• A refundable credit means that if the amount of income taxes you owe is less than the credit amount you qualify for, the government will send you a check for the difference.  For example:          • A first-time buyer who qualifies for the full $8,000 credit who owes $5,000 in federal income taxes would pay nothing to the IRS and receive a $3,000 payment from the government.  If you are due to receive a $1,000 refund, you would receive         • A repeat buyer who owes $5,000 would pay nothing to the IRS and receive $1,500 back from the government. If you are due to get a $1,000 refund, you would get $7,500 ($1,000 plus the $6,500 tax credit).  • All qualified home buyers can take the tax credit on their 2009 or 2010 income tax return.   Payback Provisions• The tax credit is a true credit. It does not have to be repaid unless the home owner sells or stops using the home as their principal residence within three years after the purchase. Customers first Borrowers who are happy with the mortgage loan we helped them get are more important to us than anything else. Our goal is to make the loan process as simple and worry-free as possible. We pride ourselves in offering the highest level of customer service, and appreciate the opportunity to earn your business. Whether you want to refinance for a lower mortgage rate, get a new home mortgage, home equity loan or second mortgage, our purpose is to satisfy your needs. By putting you first, we assure you a pleasurable transaction. Get fast answers At our website you can find tools available to answer virtually any mortgage question. Trying to decide if now is a good time to refinance? Check out our Refinance Mortgage Calculator. Wondering if a new home equity loan or second mortgage can lower your monthly payments? Use our Debt Consolidation Mortgage Calculator! Confused by all the loan programs from which to choose? Our Loan Program page will help you find the right type of loan for you. Also, we'll be happy to prepare a personalized mortgage quote for the home mortgage program of your choice.