First-Time Homebuyer Tax Credit, Get Your BUyer Ready.

Here are some details on the new $8,000 tax credit for first time homebuyers that can be used on the purchase of your new home. Feel free to re-blog this article as long as you co-brand it with RealEstateLatino.com

• Tax credit equals lesser of 10% of the property's value or $8,000
• Effective for properties bought between January 1, 2009 and December 1, 2009
• The property purchased must be single-family (condominiums & townhouses included) and used as a principal residence for three years.
• There is an income limit of $75,000 per individual (adjusted gross income) or $150,000 if filing a joint return.  Individuals above these salaries may still receive a portion of the tax credit.  IRS Form 5405 will help to determine this. 
• Only first-time homebuyers are eligible or the purchaser (and purchaser's spouse) must not have owned a principal residence in the last three years
• This tax credit does not have to be repaid if the property is purchased between 1/1/09-12/1/09

My recommendation to you is to consult a tax professional for more specific information that may pertain to your individual case, keep in mind that several states also have local policies. 

Consumer Information:  Visit www.RealEstateLatino.com