There is good news for all those who didn’t own a house in the last three years in the form of Home Buying Tax Credit. The federal income tax credit for homebuyers has been extended and expanded to now include homeowners who wish to “move on” after 5 years of living in their current property, as well as first-time homebuyers. First-time homebuyers, or those who have not owned in the last three years, can receive up to an $8,000 tax credit. Homeowners who have lived in a current home consecutively for 5 of the past 8 years can receive up to a $6,500 tax credit. There may be no future extensions, so all qualified homebuyers are urged to act and have a written, binding contract by April 30, 2010 (close by June 30, 2010). Income limits are now $125,000 for singles, $225,000 for married couples with a $20,000 phase-out of the credit for both. According to The National Association of Realtors News Release, dated 11/5/09, an estimated $22 billion has already been added to the general economy resulting from the bill and approximately 2 million people will utilize the tax credit in 2009. So people can use this opportunity to apply for the credit and own it.