$7500 First Time Homebuyer Tax Credit

Attention all first time homebuyers............

If you are a first time home buyer and decide to purchase a home prior to June 30, 2009, you are eligible to receive a $7500 tax credit from the government. This has been all made possible by the Housing and Economic Recovery Act of 2008.

There are some eligibility requirements, which are:

• Must be a single family home including condos and co-ops that you will occupy.
• You must make less than $75k per year as a individual or $150k for a couple.
• First Time Homebuyer (Have not purchase or owned a home in the past 3 years)

The tax credit will take effect for the tax year you purchased the home. You will be required to pay it back however over a 15 year period.

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