The First Time Home Buyer Tax Credit was signed by the President today as part of the American Recovery and Reinvestment Act. It modified the program that went into effect in April 2008.
- Lesser of 10% of cost of the home or $8000 tax credit
- All principal residences (single family, condo, fee simple townhouse) are eligible
- Refundable
- Income limit of $75,000 ($150,000 for couples)
- First time home buyer (someone who has not owned a principal residence in 3 years)
- Can use local or state revenue bond financing as well
- No repayment (homes purchased after January 1, 2009)
- Recapture (if home is sold within 3 years)
- Ends December 1, 2009
- Effective January 1, 2009
This is a national program but there are some great Central Ohio homes for “first time buyers” (a first time buyer is someone who has not owned a home in three years.)
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See comment providing attribution. |
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This post was written by Maureen McCabe of Real Living HER
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All information is deemed to be accurate but should be verified to your satisfaction. The information provided herein is supplied by several sources and is subject to change without notice. Opinions expressed are solely those of Maureen McCabe.
Good info, Maureen. It seems that the rules for this credit change by the moment. It's confusing for those of us that are supposed to be 'in the know' so it's really got to be confusing for the consumer. Hope your market perks up and this proves to be a true stimuli.
I think this is it and I am clear on what is in it and what is not. I read something though that said it could be amended. I suppose anything can change.
Hi Maureen... I love how clear and understandable your info on this topic is presented. Thanks for sharing it.
thanks. Real Living did a good job of keeping us updated through all the gyratiions, this chart was posted via pdf. Kristal Kraft shared the same chart so I am wondering where it came from. No attribution makes me nervous,
I'm seeing that chart on a lot of blogs with no attribution (which isn't right. Anything like that should be properly attributed.)
It's from the NAR at http://www.realtor.org/government_affairs/gapublic/american_recovery_reinvestment_act_home (in the Homebuyer Tax Credit section)
thanks