The Basics of the Home Buyer Tax Credit:
Part of the Stimulus package congress has passed allows for a tax credit up to $8000 for first time home buyers. This is part of the overall plan to stimulate the economy and the housing market. This credit will help bring the American dream into reach for many buyers. Below you will find the basic facts about this program for more information call your neighborhood REALTOR. Whether you’re planning to buy a home or already own one, take a look at the big picture where things can be seen in a more positive light.
• Home must be purchased before Dec 1, 2009
• To qualify you and/or your spouse may not have owned a residence in the past 3 years.
• This credit may be used for any primary residence including, single family homes, condos, townhouses and co-ops
• Maximum allowable credit is $8000. Credit is based on purchase price and buyers income
• Credit is equal to 10% of purchase price and not to exceed $8000
• Single buyers with incomes up to $75,000 and married buyers with incomes up to $150,000 may receive the maximum of $8000 credit.
• Buyers over the above credit limits still may qualify for partial credits.
• There is no pre- purchase authorization
• This credit DOES NOT NEED TO BE REPAID
As you can imagine this is quite a benefit. Call your REALTOR today to take advantage of these savings. Remember this is only available on homes purchased before Dec 1, 2009 . For more information, talk to your REALTOR!