First-Time Home Buyers

Green Style from Down to Earth Designvia RenestRead Real Estate News updated daily.Visit our website @ www.flhotproperties.com On the left sidebar, find links to useful local and industry sites.Find out what's happening in real estate!The "first-time" $8,000 Home Buyer Tax Credit is an exciting program, although crystal ball-gazers are divided as to the extent of its potential for igniting the housing market. At a glance: The tax credit is for first-time home buyers* only.The tax credit does not have to be repaid.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.*The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase...If you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit.However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter.Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.FAQ and Other Provisions