1. The Credit is for the lesser of 10% of the purchase price or $8000.00. If the home is $75,000 the credit would only be $7,500.00. Not too big a concern in the DC metro area.
2. The Credit is for First Time Homebuyers, buyers who haven't owned a home as their primary residence for the last 3 years.
3. The Credit is refundable, meaning that even if you paid less than $8,000.00 in Federal Taxes you can claim the entire credit.
4. The Credit does not have to be re-paid if you own the property for at least three years.
5. There are income limits - you cannot take full advantage of the credit if you are individual who makes more than $75,000.00 or a couple that makes more than $150,000.00. The credit begins to phase out beyond that.
6. It only applies to purchase between January 1 2009 and December 1, 2009. The date of purchase is considered the day that the title is transferred. Looks like I'll be staying home for Thanksgiving this year and doing lots of closing at the end of November.
Realtor.org has a great chart on the credit with room in the corner for you to add your own logo, if you'd like.
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