FHA First-Time Buyer Tax Credit
In an effort to boost the sagging real estate market and overall economy, first-time home buyers are being offered a limited time tax credit when purchasing a primary residence.
The highlights of the tax credit are:
· The tax credit is available for first-time home buyers only.
· The maximum credit amount is $7,500.
· The credit is available for homes purchased on or after April 9, 2008 and before
July 1, 2009.
· Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
· The tax credit works like an interest-free loan and must be repaid over a 15-year period.
Due to the volume of questions that can be generated with the above, I would recommend clicking on the below link for answers to frequently asked questions: http://www.federalhousingtaxcredit.com/faq.php