$8,000 First Time Homebuyers Tax Credit

There is still time to take advantage of the First Time Homebuyers Tax Credit. The credit is up to 10% of the purchase price with the maximum amount being $8,000.00. That means if you owe less than $8,000 in income taxes for 2009 you will receive a rebate for the difference. For example, if you owe $5,000 in income taxes you will receive a check back from the IRS in the amount of $3,000.00. To qualify you must earn $75,000 or less as an individual or a married couple $150,000 or less per year. If you have not owned a home in less than three years you are still considered a first time homebuyer. You must close by November 31st of 2009 to qualify. If you are considering purchasing a home that has been foreclosed or is an estate sale you should start the process now. These types of transactions can take much longer than a traditional sale. Interest rates on are on the rise, but it is still a buyers market!! Take advantage now while the incentives are there!