There’s never been a better time to buy your first home!
Have your first-time homebuyers been waiting for the perfect time to buy? Well, that time has come! If they close on a home – new or resale, single family, townhouse or condo – before July 1, 2009 they may be eligible for a credit of up to $7500 off their tax bill.
The Tax Credit Summary:
- Available to first-time homebuyers only.
- The maximum credit amount is $7,500.
- The credit is available for homes purchased on or after April 9, 2008 and before July 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.
- The tax credit works like an interest-free loan and must be repaid over a 15-year period.
- If the home is purchased in 2008, the tax credit is taken on the 2008 tax return. If the home is purchased in 2009, the buyer has the option of taking the credit on the 2008 or the 2009 tax returns.
Rates are still low and there are hundreds of fantastic properties on the market. Contact me today to learn more about this great program! 571-259-3009.
Source: www.federalhousingtaxcredit.com
