First Time Homebuyer Tax Credit – Update

A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid. More info here.


But what if you bought a house in 2008?

You are still eligible for the 2008 tax credit, here is more info:

2008 First-Time Home Buyer Tax Credit at a Glance

  • The tax credit is available for first-time home buyers only.
  • The maximum credit amount is $7,500.
  • The credit is available for homes purchased on or after April 9, 2008 and before
    January 1, 2009.
  • Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
  • The tax credit works like an interest-free loan and must be repaid over a 15-year period.

March 4, 2009 · Filed Under First time home buyers, Real Estate Edu

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One Response to “First Time Homebuyer Tax Credit – Update”

  1. First Time Home Buyer Tax Credit Update - FHA Approves Use as a Down Payment | Marisa Swenson on January 29th, 2010 9:18 pm

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