Federal Tax Credit for Home Buyers

6 Key Facts About the First-Time Buyer Tax Credit

The $7,500 home ownership taxcredit that the federal government created earlier this year as part of the Housing and Economic Recovery Act is another reason why now offers some wonderful opportunities to buy a home in this market. See the linked article for a more complete description of this program.

Combine this credit with the excellent bargains available today in both price and interest rate and you have a sure fire winner. Here are some highlights.

1. Buyers have until July 2009 to make a purchase that qualifies.
   
2. Buyers don't really have to be first time buyers. Three year gap is enough.
   
3. Even if buyers exceed the income limit, they can benefit from this credit.
   
4. Think of it as an interest free loan (2^nd mortgage).
   
5. You don't have to be authorized before making a home purchase.
   
6. New home construction qualifies.