First-Time Home Buyer Tax Credit

The first-time home buyer tax credit will help us burn through some of the short sale and foreclosure inventory on the market.  The tax credit has been through several iterations.  Here are the broad strokes:

-The tax credit does not have to be repaid.

-The tax credit is only for first-time buyers.

-The tax credit is 10% of the purchase price, with a maximum of $8,000.

-So far, this only applies to property purchased in 2009.

-To qualify, single people can’t make more than $75,000 and couples can’t make more than $150,000.

For a list of frequently asked questions on the tax credit details, visit the tax credit FAQ page.

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