Update: First-Time Homebuyer Tax Credit

The "American Recovery and Reinvestment Act" updated the first-time homebuyer tax credit.  After rumors processed through the mill about a potential increase to $15,000, the Act came clear with the facts of the increased tax credit.  The tax credit for 2008 was $7,500 and will have to be paid back to the federal government beginning in 2010 or 2011 depending on when the credit was claimed.  The updated tax credit was increased to $8,000 and will not have to be repaid if the home is owned for three years.

This is an exciting opportunity for first-time homebuyers in 2009 and a frustration for those that purchased in 2008.  I hope to see some of my clients take advantage of this "gift" from our government.

For details contact me today and click on the PDF from realtor.org updated-first-time-homebuyer-tax-credit