$8,000 Tax Credit for First Time Home Buyers

Traditionally in a housing market recovery, first time home buyers fuel the engine for growth and today’s market is no different. A first time home buyer is someone who has not had ownership in a home in the last three years. Like most prospective buyers, first time buyers have been very cautious about stepping into today’s market.

Although there are risks associated with the purchase of a home, the Economic Reinvestment and Recovery Act of 2009 has provided an incentive that frankly, is too good to pass up. The $8,000 refundable tax credit is available to first time home buyers making less then $75,000 per year for an individual and $150,000 per couple. This credit does NOT have to be paid back.

In simple terms, the government is going to give you, the first time buyer, $8,000. It’s an amazingly strong incentive and at Keystone Mortgage, we are encouraging first time buyers that have been on the fence to take advantage of a "once in lifetime" opportunity!