Publication Date: 2/27/2008

First-Time Home Buyer Tax Credit

For aspiring home owners who find their goal stubbornly elusive, newly enacted legislation providing a tax credit of as much as $8,000 for first-time home buyers might just be the opportunity of a lifetime.

But like so many of the good things in life, time is of the essence for buyers who want to take advantage of this outstanding opportunity. Only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible. Use the links below to learn more about the tax credit.

First-Time Home Buyer Tax Credit at a Glance

- The tax credit is available for first-time home buyers only.

- The maximum credit amount is $8,000.

- The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.

- Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

- Unlike the original $7,500 tax credit which worked like an interest-free loan that must be repaid over a 15-year period, the new $8,000 tax credit does not have to be repaid.

For more information visit www.federalhousingtaxcredit.com

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