• How is the tax credit derived?
    10% of the purchase price up to $80,000
  • When does one have to purchase in order to qualify?
    (Jan 1st – Nov 30th ’09)
  • Does the tax credit require repayment?
    It depends… if you keep your home for more than 3 years it is forgiven
  • Is the tax credit exclusive?
    Yes… first-time home buyers only (IRS Definition: one who has not owned a principal residence within the last 3 years
  • Are there income limitations?
    Yes… single purchaser – income not to exceed $75,000, joint purchasers – combined income not to exceed $150,000
  • Can I claim the credit on my 2008 taxes?
    Yes… be sure to speak with your tax preparer for specific questions
  • Can I use this credit towards my downpayment?
    Yes… contact us today for more information on lenders in our network with guidelines that allow this!