New in November, 2009, the first time homebuyer tax credit has been extended to April 30, 2010, and expanded to include incomes up to $125,000 for single taxpayers and $225,000 for joint filers.

Also, a new tax credit has been implemented until April 30, 2010 for current homeowners who are buying a house up to $800,000 and who have owned and lived in their current home 5 consecutive years out of the last eight. For questions and details, feel free to contact me.

 Less well known, there is state and local government bond money available to help first time buyers with down payments. These programs include those sponsored by most local metropolitan cities, some are for rural King County and some are for targeted groups like teachers and other school/college employees and veterans. Down payment assistance amounts vary, but can be as much as $60,000. Some do not require repayment for 30 years and they accrue at simple interest. It is also possible to “layer” programs: participation in one does not disqualify someone from another program.

But, wait, there’s more. Some bond money programs can be used by people who are not first-time buyers, but have other special situations.

The tax credit and bond money programs, combined with today’s very low interest rates and lower purchase prices make this an amazing time to buy a home. So, if you know someone who wants to buy a home, but thinks they can’t afford it, please let me know.

 Wondering if you should rent or buy?