The Housing and Economic Recovery Act of 2008 authorizes a $7,500 tax credit for first-time home buyers purchasing homes on or after April 9, 2008 and before July 1, 2009 who meet the following qualifications.
To Qualify:
* Home purchases must occur between April 9, 2008 and July 1, 2009 (purchase date is the closing date);
* First time home buyers (defined as not having owned a principal residence during 3 year period prior to purchase);
* Single tax payers with incomes up to $75,000 and married taxpayers with incomes up to $150,000 may qualify for full amount (allowances are made for partial credits);
* Tax credit is an interest free loan and must be repaid over a 15 year period (certain exceptions apply); and
* Maximum credit is $7,500.
For more information, go to www.federalhousingtaxcredit.com