"Life will give you whatever experience is most helpful for the evolution of your consciousness."

                                        Eckhart Toile......

 Working with more and more "first time home buyers" I am asked many questions regarding the Tax Credit for them.  Here are some of the questioned asked and a helpful guide to "The American Recovery and Reinvestment Act of 2009".

1. Who is eligible to claim the tax credit?

First time buyers purchasing a home new or resale are eligible for the tax credit.  To qualify for the creit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009.  These dates are used when the closing occurs and the title to the property transfers to the home owner.

2. Is this "Tax Credit" only for buyers that have never owned a home?

The law defines "First Time Home Buyer" as a buyer who has not owned a principal residence during three year period to the purchase.  For married buyers, the law tests the homeownership history of both the home buyer and his or her spouse.

3. Do I recieve the full $8,000.00?

That is determined by the purchase price.  The tax credit is equal to 10% of the home's purchase price up to the amount of $8,000.00.

 4. Can the tax credit be used on condo's and townhomes or just single family?

The tax credit can be used on any residential property.  This must be your principal residence.

 There are many other questions that our first time home buyers are asking regarding the Tax Credit.

Working with first time home buyers is an enjoyable experience.  Helping them get on the roller coaster and sitting next to them on this ride with peaks and valleys, loops and turns and then the rush is over.  They did it!!! They have the keys to their first home in there hands.  What a feeling, words can not explain.