Today the US Department of Housing and Urban Development has approved the homebuyer tax credit that will allow first time homebuyers to use the $8,000 tax credit to:
• Help cover their closing cost
• Buy down their interest rate
• Increase down payment
The first-time homebuyer tax credit was introduce to encourage homeownerships, so first-time homebuyer can take advantage of today’s housing market affordability, while the interest rates are low and home prices are down. The $8,000 tax credit does not need to repay and is fully refundable.
Single Buyer earning between $75,000 and 95,000
Couples earning $150,000 and 170,000
The tax credit amount will decrease as income come close to the maximum limit.
For more information go to http://www.realtor.org/RMODaily.nsf/pages/News2009052901?OpenDocument