What the 2009 First-Time Home Buyer Tax Credit Could
Mean for You
By Ramsey Judah
April 8, 2009
Last year, legislation was passed to give first-time home owners an incredible tax credit in the form
of an affordable loan. This year has produced a new tax credit that cuts out the loan aspect and gives
the first-time home buyer up to $8,000. But there are a few restrictions.
A buyer has to purchase a home between January 1st, 2009 and December 1st, 2009 to be eligible.
Also, the home has to be a primary residence. According to the IRS, what defines a buyer as a
first-time home purchaser is someone who has not owned or purchased a primary residence in the
last three years.
Income levels do play a part in it as well. Buyers are only eligible with income levels not exceeding
$150,000 for married couples and $75,000 for unmarried persons.
This is great move by Congress to help give a boost to our slumping home market. But it may not be
enough unless credit restrictions are loosened a little more and more programs are introduced in
order to give buyers more options when applying for a loan.
Ramsey Judah is a Broker with US Homes and can be reached at ramsey@ushomesrealestate.com.
Mean for You
By Ramsey Judah
April 8, 2009
Last year, legislation was passed to give first-time home owners an incredible tax credit in the form
of an affordable loan. This year has produced a new tax credit that cuts out the loan aspect and gives
the first-time home buyer up to $8,000. But there are a few restrictions.
A buyer has to purchase a home between January 1st, 2009 and December 1st, 2009 to be eligible.
Also, the home has to be a primary residence. According to the IRS, what defines a buyer as a
first-time home purchaser is someone who has not owned or purchased a primary residence in the
last three years.
Income levels do play a part in it as well. Buyers are only eligible with income levels not exceeding
$150,000 for married couples and $75,000 for unmarried persons.
This is great move by Congress to help give a boost to our slumping home market. But it may not be
enough unless credit restrictions are loosened a little more and more programs are introduced in
order to give buyers more options when applying for a loan.
Ramsey Judah is a Broker with US Homes and can be reached at ramsey@ushomesrealestate.com.
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