At a glance, what you need to know about the $7500 tax credit ...

 

The tax credit is available for first-time home buyers only. A first-time home buyer is as a buyer who has not owned his/her residence for the last 3 yrs. For married taxpayers, it applies to both the home buyer and his/her spouse.

 

The maximum credit amount is $7,500.

 

The credit is available for homes purchased on or after April 9, 2008 and before July 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.

 

The tax credit works like an interest-free loan (that's a 0% APR loan!) and must be repaid over a 15-year period.

We hope you found this summary useful. We know that the tax credit is a valuable tool to help you buy your first home, and we can help you take advantage of it. Please ask us any questions below or call us anytime.