On June 30th 2008 the Housing and Economic Recovery Act of 2008 signed into law included a tax credit of $7500 for 1st time homebuyers who purchase a home between April 9, 2008 and July 1, 2009.
The tax credit is for 10% of the cost of the home, not to exceed $7,500.
The tax credit must be paid back over a period of 15 years like an interest free loan. (For $7500 this is $500 a year.)
It is available for single family residences, including townhomes and condos that will be used as a principal residence.
To be eligible your adjusted gross income can be no more than $75,000 for individuals, ($150,000 for a joint return)
YOU MUST BE A FIRST TIME HOMEBUYER .....(The buyer and the buyer's spouse (if any) may not have owned a principal residence in the three years previous to the purchase.)
These are just he highlights of this program. I am sure this may have raised specific questions in your mind as how this might apply to your situation or how this will help you purchase a home.
Call or e mail me and I can send you a list of the most frequently asked questions and answers!
My cell is 630-776-5263 and my email is nina@NinaRocus.com
I look forward to hearing from you and helping you find your 1st home!