Provisions of the Economic Stimulus Bill:

When Can I use this credit? - Applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

You must be a First-time home buyer or - A buyer who has not owned a home for three years.

Does the property have to qualify?  No, but the credit is limited to 8K OR 10% of the purchase price, whichever is lower.  For instance, if you are buying a condo for 70K the credit would only be 7K.

Married first-time buyer? - Neither buyer can have been a homeowner within the last three years.

When can I claim the tax credit? - Simply claim the credit on your income tax return.  

Are there income limits? - Single people cannot exceed $75,000, Married $150,000.

Can I build a custom home or buy a new home? - Absolutely, but you have to occupy the home by Dec. 1, 2009.

Can I access the tax credit now? - You can change your withholding numbers so that your take home increases.

 Loan credit? - State housing finance agencies to help buyers at closing by  advancing the credit amount as a loan.

Must I pay this back?- It is a ture credit. It does not have to be repaid unless you sell the home within three years.  After three years there is absolutely no repayment.

What if my income is above the limits? - Single people with incomes between $75,000 - $95,000 and Married  people with incomes between $150,000 - $170,000 are eligible to receive a partial tax credit.

What if I don't owe taxes? - If you pay less that $8,000 in federal income taxes, the government will simply issue you a check for the difference.

I'm buying a property with my college student child.  Can he/she get the tax credit?  If you choose to go FHA (3.5% down) with the loan and the child qualifies (typically at least three lines of credit for at least 12 months in their name)  it usually is very possible.

More questions?  Call me or email me today.  I can make your first time buyer dreams come true!