The First Time Home Buyer Tax Credit was signed by the President today as part of the American Recovery and Reinvestment Act. It modified the program that went into effect in April 2008.
- Lesser of 10% of cost of the home or $8000 tax credit
- All principal residences (single family, condo, fee simple townhouse) are eligible
- Income limit of $75,000 ($150,000 for couples)
- First time home buyer (someone who has not owned a principal residence in 3 years)
- Can use local or state revenue bond financing as well
- No repayment (homes purchased after January 1, 2009)
- Recapture (if home is sold within 3 years)
- Ends December 1, 2009
- Effective January 1, 2009
This is a national program but there are some great Central Ohio homes for “first time buyers” (a first time buyer is someone who has not owned a home in three years.)
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