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$8,000 First-Time Homebuyer Tax Credit. What a motivating factor for buying a home. Recently the “American Recovery and Reinvestment Act” was completed. In this Act it gave idaho first time home buyers who are purchasing a home after January 1, 2009 and before December 1, 2009 to receive the lesser of 10% of cost of home or $8,000 tax credit.

So what’s the big deal why going from a $7,500 tax credit on purchases after April 9, 2008 to an $8,000 tax credit for purchases from January 1, 2009 to December 1, 2009 such a big deal. The answer is that the previous $7,500 tax credit had to be paid back overtime and the new $8,000 tax credit does not have to be paid back.

So what properties are eligible? Any single family residence (including condos, co-ops, townhouses) that will be used as a principle residence.

In order to be eligible for the tax credit you have to be a First-Time homebuyer. Now just because it is for First-time homebuyers that does not mean you wouldn’t qualify. By definition a First-Time homebuyer is anyone who has not owned a principal residence in 3 years previous to purchase.

If you are looking to buy a home this year by December 1, 2009 and you plan on taking advantage of the $8,000 First time home buyer tax credit make sure you talk to a tax advisor you trust.

Michelle Guth
Diversified Mortgage Group
Branch Manager/Owner
Direct: 208-475-0865
Loanswithmichelle@gmail.com
ID MBL-5696 / NMLS # 36853 / 36852 / 1850
www.idahohomegroup.com

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