Immediate Release: First Time Home Buyer $7,500 Tax Credit Has Been APPROVED!

The "First Time Home Buyer Tax Credit", also know as "The Housing and Economical Recovery Act 2008/H.R. 3221, has been approved by President Bush.

Many first time home buyers (meaning purchaser and/or purchasers spouse, may not have owned a primary residence in the previous three years) can take advantage of this tax credit...for a limited time only.

There are specific guidelines and certain restrictions apply, I have included some general information below that briefly describes the program. They are as follows:

1. Amount of Credit: The tax credit is for an amount of 10% of the cost of the home, not to exceed $7,500.
2. Property Eligibility: Any single family home, Condo or Coop that will be used by the purchaser as their principal residence qualifies for the credit.
3. Income Limits: Certain income limits apply, the full amount of credit is available for individuals with an AGI (Adjusted Gross Income) of less that $75,000 and $150,000 for joint returns.
4. Repayment: The property may not be sold within 15 years of purchase to avoid repayment. If the property is sold within the 15 years of purchase, a PORTION of the full amount of the credit (6.675%) must be paid for the remainder of the 15 years.
5. Claiming Your Credit: The credit amount reduces the purchaser's tax liability for the year of purchase and can be claimed on the purchaser's tax return for that year.
6. Timeline: The tax credit applies to purchases made after April 9, 2008 and terminates on July 1, 2009.

If you have purchased a new home after April 9, 2008 or are in the process of purchasing, you may qualify for "First Time Home Buyer Tax Credit", be sure to contact your REALTOR and/or CPA for further details about the program to determine your eligibility.

We invite you to contact us, we are here to assist you with any questions or concerns you may have about the program and real estate in general.

Good Luck!

Michelle Burgos, GRI, CDPE~ www.RealEstateWish.com~www.CaminoAMiCasa.com