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First Time Buyers

  • Thinking of using your $8,000 Tax-Credit for Closing Costs? Click Here for more information.

  • There has never been a better time to buy your first home.  Congress recently passed legislation that includes a tax credit of up to $8,000 to first-time home buyers who purchase homes between January 1, 2009 and December 1, 2009
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  • To qualify as a “first-time homebuyer” the purchaser(s) may not have owned a residence during the three years prior to the purchase.  The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors: The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000. The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.  The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for homebuyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Homebuyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000—for couples are not eligible for the credit.  The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.