Who qualifies for the 2009 First-Time Homebuyer Tax Credit?

First-Time Homebuyer Definition:

Defined as an individual who has NOT owned a primary residence at any time during the three years prior to the date of purchase. (If married, both must meet the requirement)

Details of the 2009 First-Time Homebuyer Tax Credit:

• The Tax Credit is available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return).  Phases out above those caps ($95,000 and $170,000).

• Purchase any single-family residence, (including condos and townhomes) that will be used as a primary residence between January 1, 2009 - December 1, 2009

• Maximum credit amount $8,000

• It is a true credit and does not need to be repaid as long as you occupy the home for 3 years. (If the home is sold prior to three years of ownership, the tax credit must be repaid.)

• It is a REFUNDABLE Tax Credit, meaning that if your total tax liability in the given year is less than $8,000, the IRS will send a refund for the balance.

• It can be claimed on your 2008 Tax Return (to be filed by April 15, 2009), an amended 2008 Tax Return, or your 2009 Tax Return.

I hope that you will take advantage the Tax Credit and of this great home buying market. Interest rates are at an all time low and many home prices in Naperville are currently lower than they have been in years!

Affordable homes in Naperville under $300,000 with 3+ bedrooms

If you would like more information regarding the 2009 First-Time Homebuyer Tax Credit, please contact me by phone/text at (630) 248-6077or eMail at mmastrolonardo@remax.net

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Thanks for reading my Naperville Illinois Real Estate Blog!

Maria Mastrolonardo, Realtor(R)

RE/MAX of Naperville

Cell: (630) 248-6077

Web: Naperville Area Home Search

eMail: mmastrolonardo@remax.net

I can help you purchase a home or sell your home in the towns of: Naperville, Aurora, Lisle, Plainfield, Bolingbrook, Warrenville, Wheaton, Woodridge or other surrounding areas.