First Time Buyer Tax Credit

**This program has expired and is no longer available.  For information about Incentives available for 1st Time Buyers, visit our dedicated 1st Time Home Buyer Website for details!

Want to find out if you qualify for the New Federal Tax Credit for First Time Home Buyers?  This new program allows certain home buyers an $8,000 tax credit just for purchasing a home!  You might even qualify if you have owned a home in the past.  The best way to find out if you qualify is to Contact Us.

(This was Taken from the American Recovery and Reinvestment Act)

FEBRUARY 2009

FEATURE

REVISED CREDIT - EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009

Amount of Credit

Maximum credit is $8000

Eligible Property

All principal residences eligible.

Refundable

Purchasers will receive refund for unused amount when tax return is filed.

Income Limit

Income limits apply.

First-time Homebuyer Only

Still available for first-time purchasers only. You are a First Time Buyer if you have NOT owned a home in the past three-years.

Revenue Bond Financing

Purchasers who utilize revenue bond financing can use credit.

Repayment

No repayment for purchases on or after January 1, 2009 and before December 1, 2009

Recapture

If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.

Termination

December 1, 2009

Effective Date

All revisions are effective as of January 1, 2009

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