Are you dreaming of having your own home? Well, having a home is one of American dream. Unfortunately, it is not easy for us to buy a home especially for the first time home buyers.

If you are one of the first time home buyers then we have great news for you. You can still enjoy homebuyer tax credit extension until June 2010. Well, this is helping us a lot to take a breath for a while because it is not easy to find the suitable home for our family.

Now we have more time to look for the right home. The other great news is first-time home buyers and buyers who have not owned a home during the previous three years are eligible for an up to $8,000 Tax Credit on a new home purchase. Isn’t it great?

If you have owned your home for five of the last eight years, you are also eligible for up to $6,500 tax credit on a new home. The government also raises the income limit for qualifying buyers. Now, single taxpayers could not earn more than $125,000 to receive the full credit. This is much better than the previous limit which was $75,000. Married taxpayers filing jointly could not earn more than $225,000 to receive the full credit. The previous limit was $125,000. Now, we have much bigger chance to buy a home for our family.