$8,000 Tax Credit | First Time Home Buyer  

Free Money  -  Extended Thru April 30, 2001

President Obama signed the stimulus package on February 17, 2009 and in it are changes to the current $7,500 Home Buyer Tax Credit. Below are the details of this $8,000 tax credit and how it can help first time home buyers get into a home.

• First-time home buyers purchasing any kind of home, new or resale, are eligible for the $8,000 tax credit.

• The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase.

• The tax credit is equal to 10% of the home’s purchase price up to a maximum of $8,000.

• The home purchase must occur on or after January 1, 2009 and before December 1, 2009. For purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.

• The credit does not need to be repaid as long as the home buyer uses the residence as a principal residence for at least three years.

• The buyer will claim the credit on their federal income tax return. The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.

Added: $6,500 Tax Credit for Existing Homeowners (contact for details)

View Down Payment Assistance Programs

Call The Trey Affolter Team @ 253-222-6000

to take advantage of the tax credit

before it expires!

www.TreySellsHouses.com