Wednesday, February 18, 2009

The $8000 First Time Home Buyer Tax Credit Explained

NOW we can finally talk about it since President Obama has signed the ARRA (American Recovery and Reinvestment Act of 2009). After some fits and starts, higher credits approved and removed, etc., the final details were worked out to the betterment of First Time Home Buyers. The act is for buyers who purchase after January 1, 2009 and before December 1, 2009.

What are the major differences affecting Oklahomans?
  1. First Time Home Buyers (and those not owning a home in the past 3 years) will now get a tax credit of 10% of the purchase price of their home up to a maximum of $8000.
  2. NO REPAYMENT or recapture if home is maintained as your primary residence for 3 years.
This is great news for those in our market looking for their first home.

Now, go FIND YOUR HOME while rates are still great as well.

Call to discuss how this can help you with your purchase (or with the sale of your home to a first time home buyer). As always, also consult a tax advisor for your specific situation.

Tim Epps

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