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What is this new $8000 Federal Tax Credit for First Time Home Buyers?
The year 2009 is great year for first time home buyers in the United States. This is because a new Housing and Recovery Act has been launched to aid the plummeting housing industry. This federal tax credit offers a great deal to first time home buyers because they can receive up to $8000 return in their real estate expenditure. This is a good opportunity for families who would like to settle down in their own homes.
What exactly does it do?
The $8000 Federal tax credit provides up to 10 percent tax credit from the total amount of real estate to be purchased. The $8000 is the maximum credit amount that a home buyer can avail. This $8000 federal tax credit for first time home buyers provides a full 10 percent credit or a maximum of $8000 upon purchase of real estate. This tax credit is available only when you purchase a house within the time between January 1, 2009 and December 1, 2009. The tax credit will be free as long as the buyer owns the purchased home for at least three years.
Who can avail the federal tax credit?
The government has specified that the $8000 Federal tax credit ... more

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