First - Time Homebuyer Tax Credit

As Modified in the American Recovery and Reinvestment Act

Many of you were aware of the $7500 income tax credit given for purchasing a home from April 9, 2008 to 2009. There have been some changes to this program that will excite any first time home buyer.

Here are the changes to the program:

1. The program can give you a tax credit of up to $8000 on your income tax

2. Any single family residence including condos and co-ops that will be used as a primary residence qualify.

3. Your gross income can not exceed $75,000 ($150,000 for joint return).

4. The purchaser's or purchaser's spouse may not have owned a primary residence in 3 previous years to purchase to qualify.

5. There is no repayment of the tax credit!

6. You must purchase prior to December 1, 2009.

So start shopping for a bargain. With interest rates low now is a great time to buy.