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Our economy needed a jump start and the government has thought of a way it hopes to get it started. It is hoping by offering a home buying tax credit potential home buyers that were a little apprehensive on the right time to buy would react now and buy their new homes. By stimulating these potential home buyers to buy now others will follow. This action should stabilize the housing market and get it moving forward instead of the holding pattern it was in. This home buying incentive has been offered to new home buyers as well as anyone that has not owned a home for the past 3 years. These individuals may qualify for a $8,000 tax credit. The potential home buying market is bigger then the first time home buyers so the government realizing this extended the program to include those potential home buyers that have lived in their current homes for the past 8 years consecutively. They can buy a new home and may qualify for a $6,500 tax credit. You must have a written contract on your new home before the deadline so the time to buy is now.

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