$7500 First Time Homebuyer Credit

Friends,  

The recent Housing Stimulus Package recently signed into law, offers first time homebuyers $7,500 tax credit. This a great incentive to first-time homebuyers to get off the fence and buy a home.  

Here is the link that provides the details;   http://www.federalhousingtaxcredit.com/  

Here is a summary:  

1. Home has to be for a first-time homebuyer (has not owned a home in three years) who meets income limits and has to be owner occupied;

2. Tax credit worth 10% of purchase price up to $7,500. Full credit for single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000; Partial Credit for taxpayers with incomes below $95,000 and joint incomes below $170,000;

3. The credit works like an interest-free loan and must be repaid over 15 years , or when the house is sold if there is sufficient capital gain from the sale. If there was insufficient profit, the remaining balance is forgiven.  

I hope this helps you help more first-time homebuyers!

William