While I don't agree with many of the things in The American Recovery and Reinvestment Act of 2009, (The Stimulus Bill). There is one part that will help those of you looking to buy your first home in 2009. You are also considered a first time home buyer if you have not owned a home for at least 3 years.
Those who buy their first home between January 1, 2009 and November 30, 2009 can claim a tax credit of 10% of the purchase price up to $8,000 on their 2008 or 2009 income taxes.
Like all government programs there are some catches: 
1. You have to live in the home as your primary residence for a minimum of three years, or you will have to pay it back.
2. There are some annual income requirements. Buyers must make less than $75,000 for singles or $150,000 for a couple. If you make more than that you may qualify for partial credit.
3. If you close before April 15, 2009 you may be able to apply the credit to your 2008 taxes. If you are not able to close the loan before the deadline you will have to wait until next year when you file your 2009 taxes.
4. If you are already receiving a refund, the $8,000 will be added to your refund. So if you federal tax refund would be $1,000, now it will be $9,000.
5. If you owe taxes, the $8,000 credit will be applied to what you owe first. You will receive a refund for the balance.
It is estimated that this tax credit will bring an additional 300,000 home buyers into the market. Will you be one of them?
JohnnieRosser
RE/MAXExcel
Logan,Utah
jrosser@remax.net http://uthomelist.com
First time home buyer specialist.
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