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Tax Credit for First Time Homebuyers

There are so many great reasons to buy a house today.  Interest rates are low, inventory is plentiful and prices are at early 2000 prices.  There are some great deals available today.
The American Recovery and Reinvestment Act offers an $8000 tax credit for first time homebuyers that purchase between January 1, 2009 and December 1, 2009.  There are some stipulations on how the credit would apply to each homebuyer.
Buyers can claim the credit on their federal income taxes.
Individuals are eligible for the credit with an adjusted gross income of up to $75,000. It increases to $150,000 if filing jointly.
If the buyer(s) stays in the house for longer than 3 years they don't have to repay the money.
I am attaching a link provided by the Florida Association that outlines the benefits and more details of the tax credit.
I am also attaching a link that outlines how the tax credit can be used towards the purchase of your home, using an FHA loan.  It cannot be used for your 3.5% down payment, however it may allow a buyer to put down a larger down payment.
With incentives such as the First Time Homebuyer Tax Credit, there's ... more

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