$7500 Tax Credit for First-Time Homebuyers, is it right for you?

One of the major provisions of the Housing and Economic recovery Act of 2008 is the tax credit for first time home buyers. This has nothing to do with the lender when you are purchasing a home , and there is no opportunity to use this tax credit as a down payment.

Tax Credit Parameters;

Here's how it works : First-Time homebuyers ( anyone that hasn't owed a home in the past 3 years) purchasing a new or pre-existing home are eligible for a tax credit to $7500.00 for a married couple or up to $3750.00 for an individual . To Qualify, the following must be met:

1. The loan must close on or after April9,2008, and before July 1, 2009

2. The property type must be a single-family home,townhouse, or condo.

3. The property must be a primary residence

4. Borrower's must not have owned a home during the past 3 years

5.Income for Borrower's must not exceed $75,000 for single taxpayer and $150,000 for married couple.

In short this is a non-interest loan from the government ,that will be repaid over a 15 year period through your taxes at tax time. For more information please give me a call. I would be happy to answer all your questions.