Information for First Time Home Buyer Tax Credit of $8,000

Obama Administration Stimulus Package:  First Time Home Buyer $8,000.00 Tax Credit.

Many first time home buyers now have the opportunity to purchase their first Vermont home with the First Time Home Buyer Tax Credit in the new Stimulus Package.  The Obama Administration Stimulus Bill increases the First Time Home Buyer Tax Credit up to $8,000.00 and eliminates the repayment requirement of earlier legislation.  The credit applies to homes (Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums (condos), manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences. ) purchased on or after January 1, 2009 and prior to December 1, 2009.

The current increases in real estate inventory, historically low mortgage interest rates, and now a First Time home Buyer Tax credit of $8,000.00 allows many Vermont home buyers the ability to purchase their first home.

The National Association of Home Builders has provided the following link to the First Time Home Buyer $8,000.00 Tax Credit.  This link will provide First Time Home Buyers a list of frequently asked questions.

http://www.federalhousingtaxcredit.com/2009/index.html

posted by Bill Desautels P: (802) 655-9100 (800) 639-4520 x217 F: (802) 655-0400 E: condoguy@condoguy.com The Condo Guy – Vermont condo real estate The Condo Guy has been providing advice to buyers and sellers of Vermont condos real estate for nearly 30 years.