In an effort to stimulate the economy, legislation was recently enacted that provides a tax credit of as much as $7,500.00 for first-time home buyers.  Here are a few key points to understanding this first-time home buyer tax credit:

• The tax credit works like an interest-free loan and must be repaid over a 15-year period.
• The tax credit is available for first-time home buyers only.  The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase.  For married taxpayers, the law tests homownership history of both the buyer and his/her spouse.
• The maximum credit amount is $7,500.00.
• The tax credit is available for home purchased on or after April 9, 2008 and before July 1, 2009.
• Single taxpayers with incomes up to $75,000.00 and married couples with incomes up to $150,000.00 qualify for the full tax credit.
• Any home purchased by an eligible first-time home buyer will qualify for the credit, provided that the home will be used as a principal residence and the buyer has not owned a home in the previous three years.  This includes single-family detached homes, attached homes like townhouses and condominiums.

You can learn more abou the First-Time Home Buyer Tax Credit by visiting www.FederalHousingTaxCredit.com, or by contacting your tax accountant. 

To find that perfect home to purchase in Fort Collins or Northern Colorado, call Rob Kittle at 970-690-4920 or visit www.RobKittle.com today!

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