First-Time Homebuyers

Deadline is quickly approaching; December 1, 2009 is right around the corner!

On February 17, 2009, the American Recovery and Reinvestment Act of 2009¹ was passed, which includes an $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. Check with a local CENTURY 21 Agent about state tax credits, as there may be additional tax benefits that may also be in effect in your home state.

The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules. To obtain a better understanding of this opportunity including some new benefits for FHA loans, we have compiled the following information:

• Homebuyer Tax Credit FAQ Brochure from National Association of Realtors²
  
• Tax Credit as down payment on FHA mortgage flyer from National Association of Realtors²