First Time HomebuyersYou have until December 1, 2009
First Time HomebuyersYou have until December 1, 2009
- To find a home
- Secure financing
- Close the transaction
Better start working with your REALTOR® today!
First time homebuyers
If you (or your spouse if married) have not owned your principal residence for the past 3-years.
Tax Credit
When you file your taxes, you will be able to subtract the amount of the credit from the taxes you owe on your federal income tax return. If the credit is larger than what you owe, you receive the balance as a REFUND from the IRS.
How much will you qualify for?
The credit is based on 10% of the purchase price of the home. If you purchase a home that costs $80,000 or more you will start with the full $8,000 credit. If you earn more than $75,000 a year (or $150,000 married filing jointly) there is a phaseout formula you must follow.
Repayment
You don’t have to repay the credit— unless you own the house for less than three years, according to the Internal Revenue Service. If you sell the house during that period, the money has to be repaid the year the house is sold.
