Attention First Time Homebuyers!

When the President signs the housing relief bill, there will be a $7500 tax credit for first time home buyers or if you have not owned a home for the last three years. This is a credit so it reduces your taxable income by that amount. The period covered is April 9, 2008 to July 1st 2009. You must live in the home you are buying. If you are single and your adjusted gross income exceeds $75,000, you are not eligible. If you are married, the limit is $150,000. You have 15 years to repay this credit – or if you sell your home before that, the credit is recaptured. Great incentive for those of you who want to buy your first home or become a homeowner again!