$8000 Tax Credit provides a window of opportunity for first time buyers

In addition to low homes prices and interest rates being at near record lows, first time home buyers now have an $8,000 tax credit available to them until Dec.1, 2009.

The tax credit is officially called the American Recovery and Reinvestment Act of 2009.

The tax credit is available to people who have not owned a primary residence for at least 3 years. This is a true tax credit and does not need to be repaid. This tremendous opportunity is a real economic stimulus that benefits home buyers as well as those businesses supporting home ownership.

If you have already filed your 2008 tax return, you can still file an amendment and receive the $8,000 this year. With zero percent down programs available and the $8,000 credit, extra money could be used to pay down debt or buy new furniture.

Check with your tax preparer for your specific situaion.

There are, however, a few limitations with this program. The maximum amount available is $8,000 for single people earning less than $75,000 or a married couple earning less than $150,000. The credit is 10% of the purchase price up to $8,000. A reduced tax credit is available for homes priced under $80,000 or for single indivuiduals with income up to $95,000 ($170,000 for couples). People taking advantage of the tax credit must keep the home for 3 years to avoid making any repayment.

With everything going on in the economy today, it is great to see a program that is a true benefit. Those who qualify have an excellent opportunity to buy a home is 2009. Give us a call and take advantage of this great opportunity.

Mike Swanson: 360-319-7391