This is an unbelievable benefit for those 1st time home buyers, but just for the purchase of a home between January 1 and November 30 of this year. Here are some of the features of this plan…
- First time buyer really means no ownership interest in a house in the past 3 years.
- The tax credit does not have to be repaid, but you must live in the house for 3 years.
- The tax credit is equal to 10% of the home’s purchase price up to a maximum of $8,000.
- Single taxpayers with incomes up to $75,000 or married couples with incomes up to $150,000 qualify for the full tax credit.
Please link to http://www.federalhousingtaxcredit.com/ for more detailed information.
