A $7500 tax credit is available to singles, married couples and unmarried co-purchasers who purchase a home by July 2009. Only principle residences are eligible. No investments, or second homes are eligible however, houseboats, house trailers, cooperative apartments, condominiums are eligible. You must be a first time homebuyer or have not owned a home in the last three years. As a single buyer your income must not be over $95,000 and married joint filers cannot gross more than $170,000.
Congress is currently debating a deadline extension to Dec 31 and possibly making this tax credit free from repayment. Currently purchasers are required to repay the $7500 over a certain number of years interest free.
Whether or not they eliminate the repayment requirement it's still a great benefit to get the tax credit because $7500 can go be used as reserves for any unexpected challenges.
Hope this helps,
Marcus Bruno
240 460-6318 or Homes@MarcusBruno.com
Agents spend most of their time cold callling, door knocking, direct mailing... I don't do any of that. I devote myself to serving the needs of my clients before, during, and after each transaction!
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