$8,000 First Time Home Buyer Tax Credit Details Finalized

After some tough negotiations the House and Senete hammered out a stimulus bill Called the American Recovery and Reinvestment Act of 2009(ARRA)  Here are the details:

• The tax credit is available for first-time home buyers only.

• The tax credit does not have to be repaid.
• The tax credit is equal to 10% of the home’s purchase price up to a maximum of $8,000.
• The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

I guess that's why they say it aint over until the fat lady sings!!!  Q & A's to Follow

Related posts:

1. First time homebuyer’s tax credit – permanent?
2. Senate stimulus for housing to be upped to 10% or $15,000 tax credit.
3. The BEST time to buy a home in Seattle…