- Who does this Tax Credit affect?
     - How do I qualify to get it?
         - When do I get the cash?

Part of the stimulus package that President Obama signed into law affected millions of potential homeowners.  If you qualify, you could receive up to $8,000!  Here's how it works:

If you are classified as a "First Time Homeowner" and purchase a home before April 30, 2010 and close by June 30th you qualify to receive 10% of the purchase price of the home or $8,000, whichever is less.  You are a "First Time Homeowner" if you have not had ownership interest in a property in the past three years.  If you owned a home longer than three years ago, you still qualify as a "First Time Homeowner". 

"What's the catch?"  There is a small catch... or two.  You must purchase and occupy the home for at least three years.  If not, you will be obligated to repay the credit.  There are also income restrictions.  For an individual, you cannot earn more than $125,000 or $225,000 for joint buyers.  Higher income buyers may receive partial credit. 

"How do I receive the credit?"  It's easy, just claim the credit when you file your income taxes.  After purchasing your home, you can file a 2008 amended return to reap the benefit sooner if you choose. 

If you have any questions about the credit, feel free to give us a call.  We would be glad to help!