First Time Home Buyers Tax Credit

First-Time Homebuyer Tax Credit

This first time home buyers tax credit was increased from the existing $7500 loan credit that was to be paid back over a five year period to an $8000 tax credit that will never have to be paid back!
Free money, plus historically low interest rates & home prices make this THE BEST TIME TO BUY!!

Who Qualifies?

· First time home buyers (which also refers to individuals who haven’t owned a home for 3 consecutive years)

· Individuals that earn $75,000 or under and married couples with a joint income of $150,000 or less

· If you are married, both spouses have to be first time home buyers

For Homes Purchased Between April 9, 2008 and December 31, 2008

• The credit amounts to 10% of the purchase price of the home not to exceed $7,500
• The tax credit works like an interest free loan and must be repaid over a 15 year period

For Homes Purchased Between January 1, 2009 and December 1, 2009

• The credit amounts to 10% of the purchase price of the home not to exceed $8,000
• The tax credit does not need to be paid back if you continue living in the home as your primary residence for three years without selling it

Contact me today for more details!

NOW IS THE TIME TO BUY!!