If you’re looking to buy a home, there’s a great deal on the table for you, but not for long. Senator Kemp Hannon (6th District) is alerting possible homebuyers that if you buy a home before May 1, 2010, you can collect up to $6,500 from the government. First-time homebuyers can collect up to $8,000.

“In a struggling economy, this is a great opportunity for homebuyers to gain a significant savings,” said Senator Hannon. “I encourage all homebuyers to capitalize on this offer while it’s still available,” continued Hannon.

As part of the economic stimulus package, first-time homebuyers have been able to receive tax credits up to $8,000 since January. This tax credit program was scheduled to expire at the end of November. However, the House voted to extend the program until the spring of 2010.

To qualify, homebuyers have to sign purchase agreements prior to May 1 and close prior to July 1. The credit is available for the purchase of one’s primary residence costing $800,000 or less. That means vacation homes are ineligible. Furthermore, the credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.

For more important information about New York State and to sign up for e-mail updates from Senator Hannon, visit www.kemphannon.com.