The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers.

Here are the key facts:

• Up to an $8,000 tax credit is available for first-time home buyers, those who have not owned a principal residence during the three-year period prior to the purchase.
• Up to a $6,500 tax credit is available for repeat buyers, who have owned and lived in their previous home for at least five consecutive years out of the last eight years.
• The tax credit is equal to 10 percent of the home’s purchase price up to the maximum credit--$8,000 for first-time home buyers and $6,500 for repeat buyers.
• The tax credit does not have to be repaid as long as you live in the home for at least three years after purchase, and it only applies to homes priced $800,000 or less.
• The tax credit now applies to sales occurring after November 6, 2009 and on or before April 30, 2010, as long as the sale closes by June 30, 2010.
• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

Other restrictions apply. Please consult your tax advisor to determine your eligibility.

Congress made it clear that this is the LAST home buyer stimulus. Don’t miss out on the opportunity provided by this tax credit and today’s low interest rates.

To learn more about obtaining the tax credit, visit the Frequently Asked Questions.

For further information about eligibility requirements and limitations, visit www.irs.gov or www.FederalHousingTaxCredit.com.