A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid. But time is running out. This unprecedented incentive expires on December 1, 2009. Buyers considering purchasing their first home would be wise to act sooner than later.
With building materials and labor costs at historically low prices, today already is a great time for first time home buyers to consider making that leap. Add to that an $8,000 tax credit, monetized so it can be used as a part of the down payment on that first home, and it is hard to imagine a better opportunity to become a homeowner.
The 7-minute video below gives a complete overview of the tax credit, who qualifies, how it can be utilized, etc. It also answers some of the most frequently asked questions about the first-time home buyer tax credit. And, lots more information also is available at federalhousingtaxcredit.com.