First Time Home Buyer

A "first time home buyer" is an individual who has not owned a residence up to three years prior to the date escrow closes of the new purchase.  If you are a first time home buyer you qualify for the new $8,000 Federal "Tax Credit" or 10% of the homes purchase price, whichever is less.  Anything you purchase as a home qualifies under this program such as your mobile home, condominium, yacht and recreational vehicle/R.V.  Please meet with your tax advisor before purchasing a home to make sure you qualify for this tax credit. 

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Examples 1: If you purchase a home for $100,000 you can receive up to $8,000 in tax credit which may be applied to your 2008 taxes.  If you have paid your 2008 taxes you can receive $8,000 in a tax refund.  For those of you who still owe on your 2008 taxes this amount will be applied to what you owe and any money left over will be sent to you as a tax refund.

Example 2: If you purchase a home for $50,000 you can receive up to $5,000 in a "tax refund" assuming you have paid your 2008 taxes.

Qualifying for the "tax credit"

-Must be a first time home buyer and close escrow after January 1, 2009 and prior to December 1, 2009.

-If you are single your income level must be below $75,001.  

-Married couples (tax payers) income must not exceed $150,000.