First-Time Buyer Tax Credit

What's this about a first-time buyer tax credit? (Part of the American Recovery and Reinvestment Act of 2009, a.k.a. the Stimulus Bill.) Well, if you haven't owned a home in the past 3 years, and if you qualify under the income and various other guidelines, you may be eligible for an $8000 tax credit if you purchase a home to use as your primary residence before 12/1/09. Click here to view a simple graph outlining the details (courtesy of Diana Sanford of Stanford Mortgage; thanks, Diana!). How do you know whether you qualify for the tax credit? Click here for a brief article detailing the requirements.

This tax credit, combined with bargain-basement prices and low interest rates, create a true window of opportunity for first-time home buyers. If you know of anyone who may qualify, please pass this blog post along. They will thank you for years to come!