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$8,000 Federal Tax Credit for 1st Time Home Buyers - A Great Opportunity for Some

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About Lynneve & Megan E-mail Lynneve E-mail Megan

Realty Executives 26650 The Old Road, Suite 300, Valencia, CA 91381
(661) 297-5548

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$8,000 Tax Credit For Home Buyers

The $8,000 tax credit for first-time home buyers should entice some first-time home buyers to “jump-in” and buy a home, but it may prove to do little in increasing overall demand as first-time home buyers represent a small percentage of the entire market. Only time will tell if the tax credit is effective.

• Available only to first-time home buyers
• The tax credit is not a loan and does not require repayment*

*If the home is sold within 3-years, the $8,000 tax credit must be re-paid

• The tax credit reduces the home buyer’s tax liability; if the buyer’s liability is less than $8,000, the remaining credit will be issued as a check
• Home purchase must be for a primary residence
• The credit is available on home purchases between January 1, 2009 and December 1, 2009
• If you are single and make $75,000 or more, or are married and make $150,000 or more, you do not qualify for the tax credit
• The credit is not eligible if the seller is a relative of the buyer