The American Recovery and Reinvestment Act of 2009 allows first-time Steamboat homebuyers to get up to an $8,000 tax credit if they purchase a home before Dec. 1, 2009.  The tax credit does not have to be repaid as long as the property is not resold within three years.

$8000 is a lot of money–it can get you a brand-new kitchen and appliances in a  Whistler Village Townhome or new furniture and accessories in a Sunray Meadow condo with garage.

When do I need to purchase my first Steamboat home to get the $8000 tax credit?
You have to close before Dec. 1, which means you better get going if you want to buy a Steamboat home or

What is a Steamboat Springs  “first-time homebuyer”?
The law defines a “first-time homebuyer” as a buyer who has not owned a principal residence for 3 years.

What are other requirements to qualify?
All U.S. citizens who file taxes can get the credit as long as your income is less than $75,000 a year for individuals and $150,000 a year for couples.

Can I use the tax credit toward my down payment or other closing costs?
Yes. Buyers using an FHA-approved lender can sell their tax credit to the lender and use the proceeds to immediately apply the tax credit to any down payment above the minimum down payment of 3.5% required with FHA-insured mortgages.

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