Do you dream of having your own house where you can live independently? Are you a newlywed who wants to live away from your in-laws house by having your own house? Well, you can now take advantage of the Real Estate Stimulus that had been extended as well as expanded.

Watch the video to know more.

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.