It is true! The Stimulus package provides and incentive for first-time homebuyers to purchase a home before December 1, 2009
- If you have not owned a home in the past 3 years, you will qualify as a first time homebuyer.
- Unlike the credit of 2008, this tax credit of $8,000 will not have to be repaid and you will receive it after filing your tax return in 2010.
- The tax credit is equal to 10 percent of the home’s purchase up to a maximum of $8,000.
- Your purchase will qualify if you buy a home between January 1, 2009 and December 1, 2009.
- As will most things in life, there are exceptions. If you are single, your income cannot exceed $75,000 and if you are married, that amount is $150,000.
This is a great opportunity for many people. Who do you know that could use this money? If you have any questions or if I can help in any way, please call or email me.