There is a new $8,000 tax credit for first-time home buyers, a key provision in the sweeping economic stimulus legislation signed into law by our new President..
“The new tax credit provides a great opportunity for first-time home buyers,” said NAHB Chairman Joe Robson. “Combined with today’s near record low interest rates, the large selection of homes on the market and very competitive pricing, the tax credit should provide the extra incentive needed to get prospective buyers who have been sitting on the fence into the market.”
In addition to being limited to first-time home buyers, the tax credit :
- Is equal to 10% of the home’s purchase price up to a maximum of $8,000.
- Is available for homes purchased on or after Jan. 1, 2009 and before December 1, 2009.
- Does not have to be repaid.
- Has income limits of $75,000 for single taxpayers and $150,000 for married couples.
For questions vistit the new web site at http://www.federalhousingtaxcredit.com/ which includes basic information about the tax credit and a detailed question and answer section. It also includes information about other housing-related and small business measures in the legislation and a number of home-buying resources for consumers.
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