Home buyers can learn about tax credits

GALVESTON — Want a better understanding of tax credits available to homebuyers? The House Co. is offering a homebuyer workshop from 10 a.m. to 11:30 a.m. Saturday.

The free workshop, at the The House Co.’s 2615 Broadway office, is meant to educate consumers about the steps of home-buying and tax credits, Carolyn Clyburn, president of the island real estate firm, said.

A law went into effect Nov. 6 that extended the first-time homebuyer credit five months and expands the eligibility requirements, according to the Internal Revenue Service.

The Worker, Homeownership and Business Assistance Act of 2009 extends the deadline for qualifying home purchases to April 30.

If buyers enter into a binding contract by April 30, they have until June 30 to settle on the purchase.

The maximum credit amount is $8,000 for a first-time homebuyer — someone who has not owned a primary residence during the three years up to the date of purchase.

The new law also allows for credits of up to $6,500 to others who don’t qualify as first-time homebuyers.

Reservations for the informational workshop are encouraged, though walk-ins will be welcomed, Clyburn said. For information, call 409-763-8030.