If you are in the market for your first home, or have not owned a home in the last three years, the government has some good news for you.
Just in case this piece of legislation slipped by you, some of the highlights are as follows:
- Applies to first time homebuyers who purchase a primary residence between April 1, 2008 and July 31, 2009
- First time homebuyers are defined as persons who did not own a primary residence within the 3-year period prior to the credit eligible purchase
- The full credit is available to taxpayers with adjusted gross incomes up to $ 150,000 after that available credit begins to phase out.
This tax credit does have one twist. The taxpayer must pay this back in equal installments over a 15-year period, interest free, while they own the home. The payback begins in the second year after the home is purchased. If you are a math nerd, like me, you know that while you have to pay the credit back the interest savings over the 15-year period can be as much as $10,000 using current mortgage rates.
For more information call 678-624-4775 or email me at Peter@TarantinoCo.com