Learn More about the Tax Credit
þ You can now use the Tax Credit as part of your purchase money for your home. On FHA loans, you still need to provide your 3½% down payment. You can use the $8,000 as additional down payment (to pay down the interest rate) or to cover closing costs or repairs.
þ Available to First-Time Homebuyers who haven’t owned in the last 3 years.
þ Credit amount up to 10% of the home’s value, not to exceed $8,000.
þ Eligible for homes purchased on or after January 1, 2009 and before December 1, 2009.
þ Available on single-family detached homes, townhomes and condominiums – newly constructed or pre-existing homes.
þ Buyers qualified for full tax credit are single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000.
þ The tax credit does not need to be repaid as long as the buyer does not sell the home within the first three years and it remains their primary residence.
Please give us a call if you have questions... (323) 455-7575
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