Who Qualifies?

The new tax credit is available for first-time home buyers. A first-time home buyer is defined as a “buyer who has not owned a principal residence during the 3 year period prior to the purchase.” For married taxpayers, the law tests the home ownership history of both the home buyer and his/her spouse. If one is ineligible, both may be.

How Do I Receive My Tax Credit?

Buy a house today and when you file your 2008 tax return the credit will offset any tax obligation you may have. The credit balance will be refunded to you by the IRS.

The Credit is an Interest-free Loan Over 15 Years!

Repayment amount is: 6.67% of the credit each year, with the first payment due 2 years after the credit is claimed. If the credit is claimed on the 2008 tax return, a payment is not due until the 2010 tax return is filed (2011). If a home is sold, the unpaid tax will be due and payable provided there is sufficient capital gain from the sale. If there is insufficient capital gain, the remaining payback may be forgiven.

Click Here to See
Important Program Details!

Click Here to See
Tax Credit
Frequently Asked Questions!