First Time Home Buyer Tax Credit

$8,000 Home Buyer Tax Credit

• The tax credit is for first-time home buyers.  The definition of a first time home buyer is a buyer who has not owned a principal residence for three years prior to their new home purchase.
• The tax credit is not a loan!  It does NOT have to be repaid!
• The tax credit is equal to 10% of the home's purchase price up to a maximum of $8,000.  (Example: If you purchase a home for $75,000 the tax credit would be for $7,500.  If you purchase a home for $100,000 your tax credit would be $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.

For a detailed list of common Questions and Answers, please visit www.federalhousingtaxcredit.com