The credit is for first time primary resident home buyers or people who have not had an ownership interest in a home for 3 years. The home must be purchased in 2009, on or before December 1, 2009, to qualify. A home purchased for $80,000 or more qualifies for the full $8000 amount. If the house costs less than $80,000, the credit is 10% of the cost.
This tax credit is especially valuable to home purchasers because it is a "refundable" credit, which simply means the home buyer gets the full amount, even if it exceeds their tax liability. Another key feature is home buyers can file for this credit on their 2008 tax returns which are due by April 15 of this year, or they can file an amended return and get their refund later this year instead of waiting until next year.
The Q & A document on my website is courtesy of ERA Mortgage, Becky Dabbs, who does a great job with loans. Becky Dabbs can be reached at ERA Sunrise Realty in Canton, GA at 770-720-1515.
Please tell anyone you know that this is a GREAT time for first time buyers to get a FANTASTIC DEAL, and LOW INTEREST RATE, and now, an extra $8000! As word gets out, homes will get more picked over and sellers will negotiate less generously since their homes are in greater demand, so the sooner the better to get a great selection of homes AND a great deal!