FIRST TIME HOMEBUYERS TAX CREDIT

GOOD NEW...DID SOMEONE SAY TAX CREDIT?

          Good news From April 9, 2008 through July 1, 2009

Tax Credit up to $7,500 for First Time Homebuyers

10% of Sales Price up to a Maximum of $7,500

Must be Primary Residence

Income limits $75K for Single or $150K for Couples

Phases out at $95K and $170K Respectively

THE FINE PRINT

The Tax Credit is actually an interest-free loan, must be PAID BACK OVER 15 years at $500 per year

If home sold early, repayment of loan is limited to amount of appreciation.

If you die the loan is forgiven.

Consult a tax advisor for more information.