First Time Home Buyer Tax Credit – What Is It?

  The First Time Home Buyer Tax Credit offers a great incentive for first time home buyers to purchase a new home at this time.  This tax credit is part of the Housing and Ecconomic Recovery Act of 2008.

The combination of the tax credit, the large inventory of homes currently on the Charlottesville real estate market, and low interest rates all make this the perfect opportunity for first time home buyers to get a great deal.  A first time home buyer is defined as a homebuyer who has not owned a home in the past year.

This tax credit consists of the following points:

• The tax credit is only for first time homebuyers.
• The maximum credit available is $7,500.
• The credit is only available for homes purchased on or after April 9, 2008 and before July 1, 2009.
• To qualify for full credit you must be a single taxpayer with an income up to $75,000 or a married couple with an income up to $150,000.
• The tax credit is like an interest-free loan and must be repaid over 15 years

The Charlottesville, Virginia home market has a large selection of homes for first time homebuyers to choose from.  If you are a first time homebuyer, I would be happy to hel you with your search for the perfect home.

For more information on the First Time Home Buyer Tax Credit click here.

Perform your own search of Charlottesville and Albemarle homes.