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1st Time Homebuyers, Now What?
By now everyone has heard of, whether you agree with it or not, the stimulus package signed into law by our new President.  Included is the $8000 tax credit for first time homebuyer's that NO longer needs to be repaid as long as it is your principal residence for at least 3 years.  I want to get more into what the steps first time homebuyers will go thru, but before doing so, here are the basic terms of  the tax credit at a glance:
-Tax credit is for 1st time buyers only-Credit does not have to be repaid as long as it is principal residence for at least 3 years-The credit is equal to 10% of the purchase price of the home up to a maximum of $8000-Available for homes purchased on or after Jan 1, 2009 and before Dec 1, 2009-To qualify single taxpayers can have incomes up to $75,000 and married couples up to $150,000 to qualify for the full credit, those with incomes over these amounts can potentially still qualify for a percentage of the credit, which can be further discussed with your tax advisor.
As with any legislation, there are many terms and conditions involved with this ... more

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