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Attention Home Buyers!

The homebuyer tax credit is one of 10 key provisions of the American Recovery and Reinvestment Act signed by President Obama into law on Feb. 17, 2009.

The bill provides for a $8,000 tax credit that would be available to home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.  Most of the mechanics of the credit will be the same as under the 2008 rules:  the credit will be claimed on a tax return to reduce the purchaser's income tax liability.  If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser. This tax credit does NOT have to be paid back if you stay in the home for at least 3 years. To be eligible you must be a homebuyer (and buyer’s spouse) who have not owned a home in the past 3 years, full amount of credit available for individuals with an adjusted gross income of no more than $75,000 ($150,000 on a joint return), and the purchase of a home must close between January 1, 2009 and December 1, 2009. There has never been a better time to purchase your first home.