Highlights Of The First-Time Buyer Tax Credit

President Obama has recently signed into law a far reaching economic stimulus program, and part of that program is designed to help first-time home buyers more easily afford a new home.

To make it simple, here are the highlights of this program ...

• You or your spouse may not have owned a home during the three years prior to the purchase date of your new home.
• You receive a tax credit of up to $8,000 or the lesser of 10% of the home's purchase price if you buy the home before December 1, 2009.
• The home must be a single family home and it must be your primary residence.
• You can not have an adjusted gross income of more than $75,000 if single, $150,000 if married filing jointly.
• You do not have to repay the tax credit unless you sell the home within the first three years.
• You can get the tax credit and still use any state or local revenue bonds to help with financing the property.

I think those are the main points, but you might want to contact your tax advisor for more specific details on how this all works and how it applies to your particular situation.

Here's the big point: the tax credit makes this an even more appealing time to buy a home. First time buyers should act now and buy that first home.

For more information on real estate in the Tampa Bay area, visit my website at www.TheStPeteRealEstateSite.com.

-30-