If you are a first time home buyer (or not owned a home for 3 years or more) you may qualify for a great tax credit up to $7,500. This credit is like a 0% interest loan – there are some stipulations and a portion of it would need to be paid back if you sold your home. A list of bullet points is provided below;
* The tax credit is available for first-time home buyers only. Purchaser (and spouse) may not have owned a principal residence in the previous 3 years.
* The maximum credit amount is ten percent of the cost of the home and can not exceed &7,500
* Property eligible is any single-family residence that will be a principal residence.
* The credit is available for homes purchased on or after April 9, 2008 and before July 1, 2009.
* There are income limits. 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. Each year 6.67% of the credit to be repaid – if you received the full credit that is only $500.25!. If sold before 15 years than remainder of credit is paid at time of sale.
To view the summary or full bill visit H.R. 3221 Housing and Economic Recovery Act
Thesa Chambers, Principal Broker
About Thesa
As your real estate agent, I understand the value of providing the best possible service to every buyer and seller. Listening carefully to fully identify not only your desires but also your needs. Then work diligently to ensure that both are accommodated to the best of my ability. We will stay abreast on changing market conditions, trends, developments and research all factors that could affect the purchase or sale of your property. My success and your happiness greatly depend upon the quality of the relationship we achieve. Through personal redefinition of the professional standards set by most agents, I hope set myself apart from the rest and become the first person that you think of for all of your real estate needs.
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