As part of the American Recovery and Reinvestment Act of 2009, a tax credit is being offered to first time home buyers.

Amount:  $8,000 tax credit, or 10% of the home's value, whichever is less, on first time buyer's 2008 or 2009 taxes.

For Whom: First time home buyers, as defined as someone who has not owned a property in the last 3 years.

Time Frame:  Purchase between 1-1-09 and 4-30-2010, and close by 6-30-2010.

Repayment: No repayment required as long as you live in the home 3 years or more.

Property Types:  For principal residence only - single family residence, condo, or town house.

Income Requirements: Maximum $75,000 for a single buyer and $150,000 for a married couple.

Claiming the Credit:  The credit will be claimed on a tax return to reduce the purchaser's income tax liability.  If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

For more information, contact your Tax Professional.

Helpful Audio:  Check out the audio sessions under the Buyer Info tab on the left.  These sessions have lots of information for first time buyers and for a buyer that may want a little extra coaching.