There has been alot of talk about the $8,000 First Time Home Buyer Tax Credit. To give you a bit more insight, I have provided some information that will give you an idea on how it works. You should also ask your lender about additional programs in the area you are moving to. There may be additional funds that will help you on your purchase depending on where the home is located (urban or rural)! So, don’t hesitate to contact me for additional information, or speak to your lender to see what your options may be!
$8,000 Home Buyer Tax Credit at a Glance
The information on this page pertains to the American Recovery and Reinvestment Act of 2009.
•The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
•The tax credit does not have to be repaid.
•The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
•The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
•Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
3 years ago