What Would YOU Do With An Extra $7500 This Year?

If you are a First-Time Homebuyer looking to buy your first home, this is the time to do it, and the government will even give you a tax credit of $7500 in 2009 if you do buy before July 1, 2009! 

Is it FREE? 

Not entirely, it will be repaid in $500 increments beginning in 2010, for the next fifteen years.  This is like an interest-free 15 year loan.

Am I eligible?

If you have never owned a home, or have not owned a home for three years prior to the purchase, you are eligible.  There are phase-outs for higher income, and the full credit is based on a maximum of 10% of the purchase price, so anyone purchasing a home of over $75,000 is eligible for the full credit, as long as your individual income is not more than $75,000 per year. 

Who can't take the credit?

Anyone with an income over $95,000 per year ($170,000 for joint-filing couples), will not receive a credit.

If you no longer use the home as your primary residence, you will no longer be eligible for the credit.

You cannot purchase the home from a family member, nor can you sell the home in the first year.

What's the Catch?

If you are shopping for a home RIGHT NOW, you are not a non-resident alien, are not eligible for District of Columbia first-time homebuyer tax credit, and you have not owned a home in the past three years, YOU ARE ELIGIBLE!

Check the IRS website for more details, and LET'S GO SHOPPING!

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