First Time Home Buyer Tax Credit

• The tax credit is for first-time home buyers only.
  
•  The tax credit does not have to be repaid (after 3 years of occupancy)
  
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
  
•  The credit is available for homes purchased on or after January 1, 2009 and before December 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.

*Those of you who purchased last year between April 9, 2008 and December 31, 2008 will continue to be governed by the original first-time homebuyer tax credit. Under the previous plan, up to $7,500 tax credit was a 15-year interest-free loan (paid back $500 a year thru tax return)..