Catch It While You Can.  If you bought a home after April 9, 2008 or purchase one before July 1st, 2009.

There could be a tax credit of $7,500 waiting for you.

As part of the Housing and Economic Act of 2008, a majority of first time home buyers will be able to take advantage of this tax credit!  I’ve noted a few of the basic requirements below.  Unfortunately this is more of a reward for homebuyers than it is an incentive as many first time home buyers will soon no longer be able to utilize the seller down payment assistance programs, but for those that take advantage of the DPA (Down Payment Assistance) programs before the deadline of October 1st, 2008 and/or are able to tuck enough money away to buy their first home between now and July of 2009, this will be of great benefit to you!

Basic requirements to be eligible:

• Purchased home can be new or resale and purchase date (close date) must fall between 4/9/2008 and 7/1/2009.
• Home must be a place of principal residence.
• Buyer must not have owned a home in previous 3 years
• Income for married couple can’t exceed $150,000/ $75,000 for single

Have any questions? Give me a call, shoot me an email or visit Federal Housing Tax Credit.