President Obama has signed the "American Recovery and Reinvestment Act of 2009" (i.e. the Economic Stimulus Bill). This bill provides an $8,000 tax credit for first time home buyers. A first time homebuyer is someone who has not owned a home in the last three years. So that means a divorced person that used to own a home, but has been living in an apartment for the last three years, now qualifies for this tax credit.
This credit applies only to the purchase of your principal residence purchased anytime between January 1, 2009 and December 31, 2009. A tax credit is a dollar for dollar reduction in the amount of tax you owe. If any credit amount remains unused, then the unused amount will be returned when you file your 2009 income tax return.
The income requirements are maximum $75,000 for a single buyer, and $150,000 for a married couple.
This credit does NOT have to be repaid as long as you stay in the home for a minimum of three years.
If you are looking to purchase your first home in Burlington or Camden County New Jersey and are looking for a Realtor and Real Estate Consultant who will work tirelessly to help you find your dream home.......text, email or call me today. Let's get moving, we have a lot of work to do.
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Leander McClain, Burlington Township Realtor & Real Estate Consultant, EXIT Buyers Plus Realty, 15 E. Broad Street, Burlington,NJ 08016 609-505-6578
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Thanks for the clarification of what a first-time homebuyer is. I always thought it was only allowed when you buy your first home. I didn't realize you could be a first-time homebuyer by being a renter for at least 3 years. Good to know.