New Tax Credit for First Time Home Buyers

The Housing and Economic Recovery Act of 2008 has a great incentive for first time home buyers. If interested in taking advantage of this tax credit a home buyer must purchase the home after April 8, 2008 and before July 1, 2009 and the buyer must not have owned a residential property in whole or in part at least three years prior to this purchase. The tax credit is $7,500 or $3,750 if married and filing seperately. The credit is to be paid back in increments of $500 a year for 15 years starting on the second year after the purchase. I think this is great because it gives that extra little bit of help that a lot of first time home buyers need, and it lets them pay it back in small payments. For more information Click Here.