First-Time Home Buyer Tax Credit Available Until July 1, 2009

The Housing and Economic Recovery Act was signed into law by President Bush on July 30, 2008. A key part of the legislation is the First-Time Homebuyer Tax Credit. Under the law, first-time homebuyers are eligible for a tax credit of 10% of the price of the home they purchasing up to $7,500. There are income limits of $75,000 for an individual and $150,000 for a family. Individuals earning up to $95,000 and families earning up to $170,000 are still eligible for a reduced credit. Keep an eye out for additional programs that become available to help stimulate the housing economy.