Real Estate Experts Give Insight into the Federal Housing Tax Credit

If you are looking to buy a home for the first time, there is no better time to buy than right now. First time home buyers can qualify for an $8,000 Federal Housing Tax Credit if they purchase a home by 4/30/2010 and close the sale by 6/30/2010 . Move-up buyers, who purchase a new home and sell their previous home during that same time period, can receive a $6,500 tax credit with qualifying income levels and years of homeownership.

On top of the tax incentive, interest rates are at a near a record low making home purchases even more attractive. Rates currently hover around the high four percent range: conventional and Federal Housing Administration mortgage rates are at 4.875% with VA being slightly higher at 5%, according to Mike Proctor of Genesis Mortgage Company in Kingwood.