The First-Time Home Buyers Tax Credit is a refundable tax credit of 10% of the purchase price, up to $7,500, which will be provided to first-time home buyers for homes purchased on or after 4/09/08 and before 7/01/09. Buyers can claim 2009 purchases on their 2008 tax filing, and the credit will appear as a refund on their tax return.
Single buyers with modified adjusted gross income up to $75,00 and couples with modified adjusted gross incomes up to $150,000 may be eligible.
Note: The refundable tax credit is paid back over a 15 year period with no interest, and payments start after two years.
For more information, contact a loan officer today.
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