ATTENTION HOMEBUYERS: $7500 Homebuyer Tax Credit

A tax credit of as much as $7,500 can provide opportunity for many homebuyers due to newly enacted legislation.

Homebuyers who close on a home between April 9, 2008 to July 1, 2009 may be eligible. There are a few requirements: 

• you must be a buyer who fits the description of a "first time homebuyer" this is defined as
  as a buyer who has not owned a principal residence during the three-year period prior to the purchase
• in order to qualify for the full $7500 a single person may not earn over $75,000 and for married persons the limit is $150,000 per year
• The credit works like an interest free loan and must be repaid over a 15 year period

This is a very brief description of the program, for the full details please check out http://federalhousingtaxcredit.com/ or contact your tax professional.

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