There is no time like the present. If you are interested in buying a new home this year, then now is the time to start looking. The Worker, Homeownership, and Business Assistance Act of 2009 was signed into law on Nov. 6, 2009. This law extends the previous first-time homebuyer tax credit, which was set to expire Nov. 30, until May 1, 2010. The federal government also expanded the home-buyer credit so that more people are eligible, not just first-time homebuyers. So, if you have been thinking about upgrading homes, now is the time.

Homeownership affordable

The first-time homebuyer credit provides a credit for up to 10 percent of the purchase price of your new home, with a maximum of $8,000 ($4,000 for couples married filing separately). The credit helps make homeownership more affordable. It also provides a nice lump sum of money that can be used to help furnish your new home. This is a credit that does not have to be paid back as long as you live in your new home for at least 36 months.

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