$8000 First Time Homebuyer Tax Credit

If you are a first time homebuyer and make less than $75,000 as a single person or less than $150,000 as a couple buying your first home just became a WHOLE LOT EASIER!!! Actually if you fall into the qualifying income brackets and you have not owned a home in the past 3 years you may also qualify for this TAX CREDIT!!! The mortgage relief plan recently unveiled offers an $8000 tax credit that does NOT need to be repayed !!! It is cash to put towards a downpayment or help buyers with the first 6 months of owning a home!!! Now I am not an accountant/CPA so please consult with your tax adviser before calling me to write an offer , but below I have detailed some of the great breaks for those who are in the market for their first home!!!

$8000 tax credit highlights include:

The $8000 tax credit is available only to first-time home buyers
The $8000 tax credit is available only when the first-time home buyers buy a primary residence
The $8000 tax credit is available only to first-time home buyers buying a primary residence between January 1, 2009 and December 1, 2009
The $8000 tax credit does not require repayment
The $8000 tax credit is claimed on a tax return and reduces the tax liability. If the credit is more than the tax liability, the unused credit will be issued as a check to the person claiming the credit
If you sell the home within 3 years, the entire $8000 tax credit is recaptured
For those of you who have been asking questions about the possible tax credit - the good news is that we now know what has been passed into law.