First Time Home Buyers $7500 Tax Credit.

If you’ve dreamed of owning a home, recently enacted legislation offers a valuable incentive.
The legislation provides a tax credit of up to $7,500 for first-time home buyers.　

“This might be the opportunity of a lifetime for some first-time home buyers,” said Scott Hudspeth of Amerifirst Home Mortgage. “But buyers should note that there are time restrictions on this offer.”　

Only homes purchased on or after April 9, 2008 and before July 1, 2009 are eligible. The opportunity is available to anyone who has not owned a home in the previous three years. Here are some additional facts about the legislation:　

 

• The credit is equal to 10 percent of the cost of the home, up to $7,500

 

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

 

• The tax credit works like an interest free loan and must be repaid over a 15-year period or when the home is sold.

 

• Any home purchased by an eligible first-time home buyer will qualify for the credit, provided that the home will be used as a principal residence and the buyer has not owned a home in the previous three years. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats.