1st Time Homebuyer Tax Credit

Another interesting point worth discussing as a result of the signing of HERA is the tax credit offered to first time homebuyers (defined as not having owned a home in the past 3 years).

There is a lot of conversation going back and forth as to whether this is a good thing, or not a good thing. You be the judge. And to help you with that, check out this link from Realty Resource that gives charts and samples of the credit based on income and the repayment schedule:

Homebuyer Tax Credit

The dates to be eligible to apply for this credit are purchases from April 9, 2008 through July 1, 2009. This means YOU may have already qualified!