Chad Kamp - Gilbert Homes, Mesa Homes, Chandler Homes, Tempe Homes, Queen Creek Homes, Apache Junction Homes. Arizona Homes,

New Tax credit for First time home buyer in 2009

With the newly adopted American Recovery and Reinvestment Act of 2009, there is a provision for first time home buyers who purchase a home. Unlike the prior $7,500 tax credit of 2008, the new credit does not need to be repaid.

This credit gives first time home buyers encouragement to take the leap of purchasing their first home. Combined with near record low interest rates, and the colossal numbers of home competitively priced to choose from, should be cause to arouse the interest of that section of the public who has been uncertain as to the timing of purchase.

The qualifying factors of this tax credit are as follows:

· First time homebuyer. (Not having owned a home in the prior 3 years)

· Equal to 10% of the home’s purchase price up to a maximum of $8,000

· Available for homes purchased on or after January 1, 2009 and before December 1, 2009.

· Does not have to be repaid.

· Income Limit of $75,000 for single taxpayers and $150,000 for married couples.

This is great news for those of you who have put off making that large purchase over the last three years. As far as any incentive for the public who already own an existing home, the only motivation for you, is the fact that there are a large number of options along the lines of income producing properties that can help you build your total net worth.

Posted By - Chad Kamp - 02/19/2009

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