New 2009 First Time Home Buyer Tax Credit

Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers.

Homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible.

From the National Association of Home Builders:

• 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.

Here is a link to Questions About the Home Buyer Tax Credit.

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Jim Starwalt

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Jim Starwalt, Broker Associate RE/MAX Center, Phone: 847-548-2625 Jim@StarHomeFinders.com