Industry News
Mortgage Industry News
$8000 Homebuyer Tax Credit!
05/08/2009
A tax credit of up to $8,000* is now available for qualified first-time homebuyers 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! Here are some guidelines you will need to know about the new 2009 Tax Credit.
• Tax credit is increased to $8,000
• The income limits remain the same: ($75,000 for an individual; $150,000 for a couple).
• First-time homebuyers and principal residences only
• Tax credit is available until December 1st. (previously it expired on July 1st)
• Waiver of recapture (i.e. no repayment requirement) for properties purchased in 2009 prior to December 1st
• The provision is retroactive to purchases made on or after January 1, 2009.
• Recapture section does apply to properties sold in first three years.
• Waiver of prohibition on financing by mortgage revenue bonds is included
If you or someone you know is looking to purchase their first home now is the time to act.
*Restrictions do apply, so talk with your loan consultant for more information on this tax credit, or contact us today.
