» A word on the first-time Homebuyer’s credit…

A word on the first-time Homebuyer’s credit…

Posted By Dana Delworth on May 5, 2009

I’m hearing a LOT of enthusiasm for this program and even more questions. A really fantastic site for the fact is www.federalhousingtaxcredit.com.

A few basic factoids:

The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.

The tax credit does not have to be repaid.

The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.

Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

Makes you want to take the leap, doesn’t it? That fat refund will help you throw one heck of a housewarming party…

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A word on the first-time Homebuyer’s credit…

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