First Time Buyer TAX CREDIT Explained

Are you a first time homebuyer who is confused about the tax credit changes? Perhaps you are considering becoming a first time homebuyer and you want to understand how the first time home buyer tax credit will help you? Let me help to explain it to you...

There are a few key items that I think are important:

#1- The tax credit is increased by $500 since 2008 and does not require repayment as the old credit does.

#2- Any first time home buyer is eligible. A person is considered a first time buyer if he/she has not had any ownership interest in a home in the three years previous to the day of the 2009 purchase.

#3-The full $8,000 is applied to any home purchase over $80,000. Purchases under that will recieve 10% of the purchase price.

#4- Income restrictions are $75,000 for an individual and $150,000 for a married couple filing jointly.

Watch the video below for some other information on what the first time home buyer tax credit can do for you!

If you are a first time home buyer in Westfield, MA or Western MA and are looking for an agent that can educate and guide you through this important step, look no further! I love working with first time home buyers. Be sure to view my other first time homebuyer videos:

Western MA First Time Home Buyers Start Here!

You Found The Right Home, Now What?

Western MA First Time Home Buyers Tutorial: Inspections

Western MA First Time Home Buyers Tutorial: Inspections the Seller Does

Lesley Lambert, The Real Estate Natural at Park Square Realty, Westfield, MA

413-575-3611