Do you get the emails and cards that tell you to save the date? Thanks to the new Housing and Economic Recovery Act of 2008 the dates of April 9,2008 to June 30, 2009 are especially important. These dates mark the eligibility time span to qualify for the home purchase tax credit. Now some of the nitty gritty
You may be eligible to qualify for the home purchase tax credit up to $7500 ($,3750 if you file taxes as a single person) if you have not owned a home in the past three years
Income can not exceed $75 k for indivduals or $150k for filing couples.
The credit is generous, but be careful when explaining it to your clients it is actually an interest free loan and it has to be paid back in 15 years at $500 per year when taxes are filed.
Some types of seller-paid down payment assistance programs are being eliminated as of October 1st. So the purchase of a home now may gain your client the double benefit of tax credit and seller paid down payment.
For more information,go to www.federalhousingtaxcredit.com
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