The First Time Home Buyer Tax Credit was signed by the President today as part of the American Recovery and Reinvestment Act. It modified the program that went into effect in April 2008.
- Lesser of 10% of cost of the home or $8000 tax credit
- All principal residences (single family, condo, fee simple townhouse) are eligible
- Refundable
- Income limit of $75,000 ($150,000 for couples)
- First time home buyer (someone who has not owned a principal residence in 3 years)
- Can use local or state revenue bond financing as well
- No repayment (homes purchased after January 1, 2009)
- Recapture (if home is sold within 3 years)
- Ends December 1, 2009
- Effective January 1, 2009
This is a national program but there are some great Central Ohio homes for “first time buyers” (a first time buyer is someone who has not owned a home in three years.)
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ActiveRain members: Comment at your own risk. Please note if this content is for the general public and not for the real estate industry, I will delete most comments from ActiveRain members. Previously I was turning off comments on local content but I have decided to put out the unwelcome mat for ActiveRain members, instead. Nothing personal. Move along and comment where it will be appreciated! Thanks.
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Good info, Maureen. It seems that the rules for this credit change by the moment. It's confusing for those of us that are supposed to be 'in the know' so it's really got to be confusing for the consumer. Hope your market perks up and this proves to be a true stimuli.