First Time Homebuyers- President Bush recently signed into law as part of a housing bill, a First Time Homebuyer Tax credit of up to $7500.00. The tax credit is based on 10% of the purchase price not to exceed $7500.
Some other key points of the tax credit are..
- The tax credit is available on homes that are purchased between April 9, 2008 to July 1, 2009.
- Any single family property (including condos and co-ops) that will be used as a principal residence will qualify.
- Purchaser (or purchaser's spouse) may not have owned a home used as a principal residence in the last 3 years.
Check out the Frequently Asked Questions and simple chart detailing the quick facts about the tax credit in more detail or Consult your tax advisor tp see if this tax credit applies to your situation.
