A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid. No obligation Pre-Approval: Pre-Approval Form.
For further information on the First Time Home Buyer Tax Credit from the Federal Government: Click Here.
- A "First Time Home Buyer" is defined as a buyer who has not owned a principal residence during a 3 yr period prior to purchasing a principal residence
- The tax credit is 10% of the purchase price of the home up to $8,000
- To be eligible qualified buyer must close by November 30, 2009
- The tax credit does not need to repaid if buyer uses residence as a principal residence for at least 3 years
You should always consult a tax advisor for informaton relating to your specific circumstances.
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