This new law provides a “First-Time Home Buyer Tax Credit” for purchases on or after January 1, 2009 and before December 1, 2009. Date of purchase is the closing date. The tax credit is equal to 10% or the home’s purchase price up to a maximum of $8,000 and generally does not have to be repaid. The purchase is for a main home only which may be a single family detached home, townhome, condominium, manufactured home, or houseboat. This is a great “limited time offer.” First-time home buyers should take advantage of this tremendous incentive!
Additional guidance on the implementation of all funds will be routinely provided on the U.S. Department of Housing and Urban Development website.