I've heard about it in the news, but what is the home buyer tax credit?
In an effort to stimulate the economy and housing market, Congress passed this $8000 credit first time homebuyers.
When do I have to buy a home?
The credit is applies to home purchases from January 1, 2009 to December 1, 2009.
Who is a first time homebuyer?
Any homebuyer that has not owned a home in three years. Meaning, even if you have owned a home before, as long as you have not in the last 3 years, you qualify for this credit.
Any income limiations?
Yes, singles must make less than $95,000 per year and couples must make less than $170,000 per year.
What else?
The home must be a primary residence: no second homes or investment properties.
For more information visit www.federalhousingtaxcredit.com or send us an email at info@thecareteam.net