First Time Home Buyer Tax Credit

Many first-time buyers who purchase a principle residence between 4/9/08 – 7/1/09 will qualify for up to $7,500 in tax credits. The tax credit will be equal to 10% of the purchase price, up to a maximum of $7,500. There are some income restrictions. A “first-time home buyer” is defined as someone who has not owned a principle residents for the 3-year period prior to purchase. There is also a payback provision that makes the program similar to an interest-free loan. For more information on the program, the National Association of Realtors has put together a publication that helps explain the program.

Call a Nothnagle agent today or 899-MOVE for more information.

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