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> View the Federal Housing Tax Credit website
RECEIVE YOUR $8,000 TAX CREDIT!
The President signed the stimulus package on February 17, 2009
and in it are changes to the current Home Buyer Tax Credit.
Below are the details of this tax credit and how it can help first
time home buyers get into a home.
1. First-time home buyers purchasing any kind of home-new or resale– are
eligible for the tax credit.
2. The law defines “first-time home buyer” as a buyer who has not owned a
principal residence during the three-year period prior to the purchase.
3. The tax credit is equal to 10% of the home’s purchase price up to a
maximum of $8,000.
4. The home purchase must occur on or after January 1, 2009 and before
June 30, 2010. For purposes of the tax credit, the purchase date is
the date when closing occurs and the title to the property transfers to the
home owner.
5. The credit does not need to be repaid as long as the home buyer uses
the residence as a principal residence for at least three years.
6. The buyer will claim the credit on their federal income tax return.
The fact that the credit is refundable means that the home buyer credit
can be claimed even if the taxpayer has little or no federal income tax
liability to offset. Typically this involves the government sending the
taxpayer a check for a portion or even all of the amount of the refundable
tax credit.
Let our team help you own your piece of the American Dream!
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