If you are - like many Americans - trying to figure out the best time to make your first home purchase, then you may want to take a closer look at the first-time homebuyer tax credit included in the American Recovery and Reinvestment Act, which was signed into action by President Barack Obama on February 17, 2009.
And don't be confused by the name. The credit included in this year's stimulus package is markedly different (read: better) than its predecessor from the 2008 package. So, what makes this tax credit different from the previous and just what exactly does it mean for you? We'll start off by highlighting the two main differences between the 2008 and the 2009 credit and then we'll really dive into the benefits of this credit to first-time homebuyers.
KEY DIFFERENCES - 2008 vs. 2009 CREDIT
OTHER IMPORTANT NOTES REGARDING THE CREDIT
1. Qualifying for the homebuyer credit
2. Income limitations
3. Purchase window
4. Refundable credit
5. Claiming the credit
As with most issues related to a home purchase, be sure to consult with the RealEstate.Com team for additional information or to ensure that you and your prospective purchase qualifies for this homebuyer tax credit. If you are ready to make the move towards home ownership.
For complete details on this Tax Credit, Please complete the below information.