THEREʼS GOOD NEWS FOR FIRST-TIME HOMEBUYERS. THE AMERICAN RECOVERY AND REINVESTMENT ACT OF 2009 INCLUDES AN EIGHT-THOUSAND-DOLLAR TAX CREDIT FOR FIRST-TIME HOME BUYERS. ITʼS AVAILABLE IF A HOME IS PURCHASED BEFORE DECEMBER FIRST, 2009. THE CREDIT CAN BE APPLIED TOWARD A DOWN PAYMENT, USED TO BUILD EQUITY AND REDUCE INTEREST PAYMENTS THROUGHOUT THE LIFE OF THE LOAN.
ADDITIONALLY, THE TAX CREDIT CAN REDUCE WHAT A HOMEBUYER OWES IN INCOME TAXES, AND IF YOU LIVE IN THE HOME FOR THREE YEARS OR MORE, IT DOES NOT HAVE TO BE REPAID. THE TAX CREDIT IS EQUAL TO TEN PERCENT OF THE HOMEʼS PURCHASE PRICE UP TO A MAXIMUM OF EIGHT THOUSAND DOLLARS.
Link to this comment:
All Comments (0)