Thank you President Obama!

First time homebuyers may now qualify for an $8000 tax credit on the purchase of a new home!  Here's a summary of the details:

• A 'first time buyer' is one that has not owned a home for the past three years.
• Buyer must make less than $75,000 in  income  if single, $150,000 for couples.
• The credit is worth $8000 or 10% of the home's value, whichever is less.
• Claim the credit on 2008 or 2009 taxes.
• Home purchase must be made between Jan. 1-Nov 30, 2009.
• Buyer must live in the house for three years--or the credit will have to be paid back.
• The credit is refundable!  Which means you may get a refund check for up to $8000!  Check with your tax preparer for details on this aspect of the plan.  It all depends on how much in tax you owe--or don't owe--at the end of the year.

This should start moving the market as first time buyers who purchase enable second and third time buyers to move up and purchase..it's a domino effect. 

If you, or someone you know, is searching for that first home...now is the time to buy!  Email me for more information on making that very first home purchase!