New Home Buyer Tax Credit
The New Tax Credit is for $8,000.
The New Tax Credit is available for home purchases made between 1/01/09 thru 11/30/09.
The New Tax Credit has NO repayment requirement.
The New Tax Credit has a 3-year recapture requirement. If the home is sold within 3 years.
The New Tax Credit allows for MRBs~~bond loans.
Extra Information
The dollar amount of the credit is actually 10% of the purchase price, up to a max credit ot $8,000.
The credit is available for principal residences only (Owner Occupied)
The credit is available to first time homebuyeers~ note that the difinition of a first time HB is a purchaser and spouse who has not owned a principal residence in three years previous to purchase. Owning a second home(s) or an investment property(s) does not disqualify a person as long as the principal residence rule is intact.
There are income limits~To receive full credit the max AGI (Adjusted Gross Income) for individuals is $75K; for joint returns it's $150K. There is a phase out above those caps.
Any house,anywhere~new/old, cheap/expensive, REO/short sale/regular, a manufacutred or a hi-rise, a dump or a place~if the buyer is "Eligible", the credit is there,
This is an actual Tax Credit, not a Tax Deduction.
If your thinking about buying a home what a great time to do so with the low rates and tax credits. Don't lose out on this "Opportunity".