FIRST‐TIME HOMEBUYER TAX CREDIT

FIRST‐TIME HOMEBUYER TAX CREDIT

On July 30, 2008, President Bush signed a major housing bill (H.R. 3221) into law. As part of the housing
bill, Congress has created a new, temporary tax credit to provide an incentive for first‐time home-buyers.
The $7500 credit will be available for the purchase of a principal residence on or after April 9, 2008 and
before July 1, 2009. The $7500 tax credit that would be would be available for any qualified purchase between April 8, 2008 and June 30, 2009. The credit is repayable over 15 years (making it, in effect, an interest free loan).

Click Here For a brief review from the NAR of the deatials of the first time home buyer tax credit!

If you would like a 6 page Frequently Asked Questions about the First Time Home Buyer Tax Credit please email your name and contact info and I'll email it to you. Stop RENTING and buy a home the time couldn't be better!!

CAVEAT: THIS INFORMATION IS ACCURATE BASED ON INFORMATION AVAILABLE AS OF JULY

30, 2008. AS WITH ANY TAX LAW CHANGE, CHECK WITH A TAX ADVISOR IF THERE ARE

QUESTIONS ABOUT USING THIS PROVISION

Aaron Gallagher 217-649-6602