The President's economic stimulus bill is proving to be a winner for first time home buyers in Albany. If you are a first time home buyer you may be eligible for up to an $8000 tax credit if you purchase a home and meet certain other requirements. This is a straight tax credit not simply a deduction. The beauty of this plan is it never has to be paid back unlike the watered down $7,500 version previously released. Here are some of the qualifications for the program in short.
1)First time home buyer -can qualify if you have not owned a home for 3 years
2)Must make less then $75K or $150K for couples
3)Must purchase a home between 1/1/09 and 11/30/09.
4)Credit is 10% of the value of the home or $8,000 whichever is less.
5) Must live in the home for a minimum of 3 years
If you have additional questions on this program visit my website at Albany NY first time home buyers
