Tax Credit for First Time Purchasers

Whether you support President Obama's economic stimulus plan or not, if you are a first time homebuyer, there may be something in it for you!

Here are a few bullet points summarizing the new legislation:

• The tax credit is for first-time homebuyers only.
• This is a true credit, and does not have to be repaid to the government.
• 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.

If you think you may qualify, click here to see frequently asked questions and answers about the homebuyer tax credit.

You may also find useful info on this link about other provisions in the stimulus plan that relate to the housing market.